NextGen Day

A very grave mistake will be made, according to President Ferdinand R. Marcos Jr., who reiterated his appeal for Congress to carefully evaluate the proposed Maharlika Investment Fund (MIF) on Monday.

Marcos remarked this in response to Senate President Juan Miguel Zubiri’s prediction that the MIF legislation will be approved by the upper house after Holy Week in March.

Recall that on December 15 of last year, the House of Representatives passed House Bill (HB) 6608, also known as the proposed Maharlika Investment Fund (MIF) Act, on its third and final reading. On Dec. 19, it was delivered to the Senate.

Government representatives also discussed the new fund during the World Economic Forum last week in Switzerland.

“Ninyo suriin ng mabuti. Always, more beautiful than the others in the long madaling panahon, yet impossible to ignore due of its importance. In an interview with a few reporters at Malacaang Palace, Marcos remarked, “Of course, it is best to finish as soon as possible, but it should not be rushed because it is very important.

“Mas importante na maging tama kaysa maging mabilis” (Being correct is more crucial than being swift). We must do it correctly. Making a mistake here would be extremely detrimental, he continued.

He also expressed confidence in the senators’ knowledge, saying that they were competent to perform their duties.

Congress’ two houses will reconvene on Monday and break again on March 24 or before Holy Week.

Marcos concurred with lawmakers in saying that it is against the law to use funds from government-owned and controlled businesses (GOCCs) for the proposed sovereign fund.

“You are not permitted to use GOCC monies. What will the government do with that pera ng gobyerno (that’s government money)? It is a suggestion. We have not adopted it,” he declared.

He said that the suggestion to use GOCC funds for the proposed MIF was initially made in Davos, Switzerland, but that after speaking with Finance Secretary Benjamin Diokno, he was “lukewarm” about the proposal.

“…

That was proposed during our brief meeting, which lasted roughly 15 minutes. But following the meeting, I snatched Secretary Ben Diokno away and queried him. I don’t believe it’s permitted, Sabi niya said, “Hindi yata puwede.” I responded, “It’s too disruptive,”

The “re-engineered” version of the MIF bill, according to Rep. Edcel Lagman of Albay’s First District, would contravene a 1993 statute requiring GOCCs to give the national government half of their earnings.

Rep. Joey Salceda of the Albay Second District said this week that he and three other legislators changed the measure in December and eliminated the Development Bank of the Philippines and the Bangko Sentral ng Pilipinas as potential funding sources.

Marcos allayed concerns about potential money laundering by stating that although private funds will be used for the fund, it is not a savings account where people deposit their money and leave it there.

“Currently, once we enter a partnership—say, a G2G (Government-to-Government) with Japan or a PPP (Public-Private Partnership) with a major organization—only then does money enter the fund to be used for the program.

On our end, we only make financial investments when there is a very specific project that needs to be funded. Money laundering therefore won’t be a factor “added he.

The MIF Act, also known as House Bill (HB) 6608, calls for the creation of an independent fund that will be financed by contributions from the federal government, declared dividends from the Bangko Sentral ng Pilipinas, investible funds from a few select government financial institutions (GFIs), and other funding sources.

The bill stated that the proposed MIF shall be utilized to make strategic and commercial investments in a manner intended to support fiscal stability for economic development and strengthen the best-performing GFIs through additional investment platforms that will aid in the accomplishment of the national government’s priority plans.

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