House 'very eager' to adopt Senate version of Maharlika bill

A leader of the House of Representatives said the chamber is "very eager" to adopt the Senate version of the Maharlika Investment Fund (MIF) bill once approved.

“We are waiting for the Senate [version of the bill]...but we are very much eager,” House Majority Leader Mannix Dalipe said when asked if the House will adopt the Senate version of the MIF measure.

The House adoption of the Senate version would do away with the bicameral conference meeting of both chambers to reconcile their bills.  The bill will now be enrolled to be sent to Malacanang for the President's signature.

The Senate targets to approve the bill by May 31 in time for the sine die adjournment of the first regular session of the 19th Congress.

“If the Senate can finish it today....maybe, if there is a need for a bicam [conference committee to reconcile different versions], we can do it tomorrow and pass it, ratify it before we go on sine die adjournment,” Dalipe said.

“We are waiting, we are keeping a close watch, and we hope it will turn out fine tonight and we can have it done by tomorrow,” he added.

Tapping SSS, GSIS funds

Section 12  of the Senate version of the MIF provides that government financial institutions, government-owned and -controlled corporations (GOCCs) “may invest into the MIF, subject to their respective investment and risk management strategies and approval of their respective boards.”

In contrast, the House version approved on third and final reading in December 2022 explicitly states that “under no circumstance that the GOCCs providing for the social security of government employees, private sectors, workers and employees, and other sectors and subsectors, such as  but not limited to the Government Service Insurance System (GSIS), Social Security System (SSS), and Home Development Mutual Fund, be requested or required to contribute to the MIF.”

Further, the House version states that no part of the funds of said GOCCs will go to the MIF.

Senator Mark Villar, the principal sponsor of the MIF in the Senate, said that GSIS, SSS and similar GOCCs are not prohibited from investing in the MIF.—LDF, GMA Integrated News