OSG prepared to submit comment on Maharlika petition

Solicitor General Menardo Guevarra on Wednesday said his office will be prepared to submit its comment on the validity of the Maharlika Investment Fund (MIF) Act should the proceedings before the Supreme Court continue.

This came after President Ferdinand Marcos Jr. earlier directed the suspension of the enforcement of the implementing rules and regulations of the MIF pending further study.

“It’s up to the petitioners if they wish to withdraw the petition. But if they don’t, and the SC does not suspend the proceedings either, the OSG will be prepared to submit its comment on the validity of the MIF law,” Guevarra told reporters.

He said the OSG has yet to officially receive a copy of the Supreme Court resolution ordering Malacañang and Congress to comment on the petition.

Despite this, Guevarra said they have been preparing for their comment since the resolution appeared on the SC’s website.

In September, Bayan Muna chairman Neri Colmenares, former Bayan Muna Representatives Isagani Zarate and Ferdinand Gaite, and Senate Minority Leader Aquilino "Koko" Pimentel III asked the SC to declare the MIF as unconstitutional and void.

They argued that the MIF failed to satisfy the test of economic viability, violated the independence of the Banko Sentral ng Pilipinas, and that the bill’s presidential certification in Congress did not comply with the requirements of the 1987 Constitution.

Marcos signed into law the MIF in July, which seeks to tap state assets for investment ventures to generate additional public funds.—AOL, GMA Integrated News