NextGen Day

The Maharlika Investment Fund (MIF) bill in the House of Representatives has overwhelmingly bipartisan support, according to Speaker Martin Romualdez on Tuesday as more politicians have indicated a desire to be named as co-authors of the plan.

“Manuel Jose Dalipe, the Majority Floor Leader, informed me that we had over 220 [co-authors], and I believe that by the time I return, it may have already reached 250. So, more than two-thirds of the House will be co-authoring because there have been thorough briefings on this topic from a variety of technical experts, in addition to economic managers and GFIs (government financial institutions), he said at a press conference on the sidelines of the Association of Southeast Asian Nations-European Union (ASEAN-EU) commemorative summit on Tuesday morning (Philippine time) in Brussels, Belgium.

As a result, he continued, “we are very glad that a number of congressmen who were not enthusiastic or critical are now joining and not just supporting the measure, but also joining us because there are inputs and insights that have been integrated into the bill.”

Following amendments that removed the Social Security System (SSS) and the Government Service and Insurance System (GSIS) as required sources of seed money to start the MIF, several party leaders expressed their support for the passage of House Bill No. 6608 even before the opening of the plenary discussions on the measure last Monday.

Even House Senior Deputy Minority Leader Representative Paul Daza (Samar, 1st District), who had previously expressed opposition to the proposal, praised the bill’s supporters, led by Romualdez, on Monday for making these changes, saying it demonstrated that lawmakers were paying attention to the public and that democracy was functioning.

According to the House’s official records, 251 MPs had already declared their desire to co-author the bill as of 1 p.m. on Wednesday.

We are quite excited about it. Romualdez noted that two-thirds of the House had already recognized its wisdom and understood its advantages for the nation and its citizens as a whole.

To aid with the electricity crisis and agricultural requirements, the Maharlika Fund

The government may use the proposed Maharlika Investment Fund (MIF), according to Romualdez, in the same briefing to solve the nation’s electricity shortage and agricultural demands.

Romualdez remarked, “We have a lot of different ideas on how to use this fund to truly help the electricity problem, the requirements of the country’s agricultural.”

He stressed that the creation of a sovereign wealth fund is done in order to provide the resources and means through which people can continue to flourish and gain.

“And as they say, size does important, especially when it comes to capital investment. You need size to engage in big projects, whether they are related to infrastructure, power, or even the agriculture industry, according to Romualdez.

He asserted that a reasonable method to generate the necessary economies of scale for investing in such projects is to pool the capital from idle funds of government financial institutions (GFIs) and government-owned and controlled businesses (GOCCs).

Romualdez added that investing in a specific sector through a government fund like the MIF would probably draw in private investors.

It is up to PBBM to declare the MIF bill urgently.

There are enough votes in the House to pass HB 6608, but according to Romualdez, it is still up to President Ferdinand R. Marcos Jr. to declare the measure urgent so it can be passed on the third and final reading before the House breaks for the holiday season.

When asked if President Marcos intends to guarantee a quick approval of the bill in the House, Romualdez responded, “Well, that’s up to him (President Marcos).”

The three-day rule, which states that a bill cannot become law unless it has passed three distinct readings, might be waived by the House by designating it as urgent.

As a result, the House can pass the legislation on the second and third readings on the same day if Marcos designates it as urgent.

This week, the House will end its current session.

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