Marcos certifies Senate version of Maharlika fund bill as urgent

President Ferdinand “Bongbong” Marcos Jr. has certified the Senate version of the Maharlika Investment Fund bill as urgent.

During Wednesday’s session, Senate Secretary Renato Bantug read into the records the message of the President dated May 22,2023, “certifying to the necessity of the immediate enactment of Senate Bill No. 2020” or the Maharlika Investment Fund bill.

Marcos’ letter was referred to the Senate committee on rules.

In his letter, Marcos cited the need for huge infrastructure projects to stimulate the economy amid the downgrade of the global growth projection this year due to debilitating inflation, fluctuating and unstable prices of crude oil and other fuel products due to the ongoing conflict between Ukraine and Russia, and the continuing interest rate hikes in the international financial sector.

“[T]here is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development,” Marcos said.

In December last year, Marcos issued the same certification to the House of Representatives version of the measure. This paved the way for the passage of the bill on second and third reading on the same day in the lower chamber.

With the same certification given to the Senate’s version, the chamber is now allowed to pass it on final reading in one day.

SB 2020 is currently under the period of interpellations. After which, senators can introduce amendments to the measure then it can be passed on second and third reading. — RSJ, GMA Integrated News