Senate to propose ‘perfecting amendments’ to House version of Maharlika Fund bill

There is no assurance that the Senate will pass the House of Representatives' version of the bill creating the Maharlika Investment Fund (MIF) as the measure is still a "work in progress," Senate President Juan Miguel Zubiri said Tuesday.

The lawmaker made the remark as he stated that the upper chamber will introduce "perfecting amendments" to the House-approved MIF bill.

"We will propose a lot of perfecting amendments to the House version. Meron pa nga silang galing sa House na gustong i-amend e, so it's a work in progress... The House version is a good base to discuss and to debate on," Zubiri told reporters.

(There are some amendments to the House version that the lower chamber wants to introduce so it's a work in progress.)

He added that the passage of the bill creating the MIF would depend on Senator Mark Villar, who will shepherd the Senate hearings on the measures as the chairman of the committee on banks, financial institutions, and currencies.

"In terms of passing, it all depends on the chairperson, Chairman Mark Villar, on how he will deliberate it... Kailangan maganda diskarte ni Senator Mark Villar sa pag-explain nito not only in the committee level but also in the plenary to be able to get 13 votes," Zubiri said.

(He should know how to explain it well not only at the committee level but also in the plenary to be able to get 13 votes.)

The Senate chief a lot of senators are "perceptive" when it comes to the proposed legislation.

On Monday night, the economic managers briefed the senators on the details and objectives of the MIF bill.

In an ambush interview, Villar said he sees swifter deliberations of the measure after the meeting.

Meanwhile, Zubiri said he had directed Villar to ensure that all sectors are consulted on the proposed creation of a sovereign wealth fund.

"My instruction to Senator Mark Villar is that he should give time to all sectors. In other words, 'wag niyang madaliin ito [he shouldn't rush this]," Zubiri said.

He recalled President Ferdinand "Bongbong" Marcos Jr. 's asking the Senate to study the proposal carefully.

The Senate chief said he suggested that Villar conduct a weekly hearing until they come up with a committee report before the adjournment of session on March 24.

Over the weekend, Zubiri said he expects the MIF bill to be approved on final reading after Holy Week. — BM, GMA Integrated News