Maharlika Fund's 'legal issues' to be addressed by House —Romualdez

The House of Representatives will comprehensively address legal concerns on the Maharlika Investment Fund (MIF) law, Speaker Martin Romualdez said Wednesday.

Romualdez made the statement after Supreme Court ordered the House, Senate, Department of Finance, and Office of the President to submit their comments on the petition assailing its constitutionality.

"We respect the Supreme Court's directive for the Executive and Legislative branches of government to provide their response concerning Republic Act (RA) 11954, the Maharlika Investment Fund Act of 2023. The concerns raised by the petitioners deserve to be addressed comprehensively," Romualdez said.

On September 18, 2023, Bayan Muna chairman Neri Colmenares, former Bayan Muna Representatives Isagani Zarate and Ferdinand Gaite, and Senate Minority Leader Aquilino "Koko" Pimentel III challenged the constitutionality of the MIF.

The petitioners said the MIF failed to satisfy the test of economic viability, which they said was among the limitations imposed by the Constitution to "ensure that government haphazardly relinquish its governmental functions without basis."

"The House of Representatives, under my leadership as the Speaker, affirms its commitment to the rule of law and will duly submit our comment within the ten-day timeframe. We have followed due legislative processes in crafting and enacting this law, keeping in mind the best interests of the Filipino people," Romualdez said.

Romualdez also emphasized that the creation of the MIF, which taps state assets for investment initiatives to generate additional public funds, aims to provide the country with a mechanism for financial stability and economic growth.

"It is important for the public to know that our intent was always to ensure transparency, accountability, and financial prudence in the management of public funds. We will thoroughly review the petition's claims to ensure the Fund's integrity and our adherence to the Constitution," he said.

"Our nation's prosperity and welfare are at the forefront of our legislative agenda, and we remain open to any constructive dialogue that would further our shared goal of uplifting the lives of Filipinos," he added.

Both state-run banks Development Bank of the Philippines and Landbank of the Philippines already contributed P75 billion of its assets for the MIF, which is expected to start making investments by first quarter of 2024. —VAL, GMA Integrated News