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Senators affirmed that President Ferdinand R. Marcos, Jr. did not put any pressure on the Senate to approve the Maharlika Investment Fund.

However, senators may have other issues with the proposal, according to Senator Francis Tolentino’s statement on Wednesday.

“There is no pressure on me going forward. Despite the fact that it was approved by the House (of Representatives), I believe that the pandemic-related activities, especially in light of the objectives, are worthwhile. I have read the House version. I don’t see anything wrong with that because it’s more for the country’s infrastructure development and investments of our surplus funds in government financial institutions “In an interview, Tolentino stated.

The Senate Committee on Banks has already been notified of Senator Mark Villar’s Monday filing of Senate Bill No. (SBN) 1670, An Act Establishing The Maharlika Investment Fund.

Tolentino promised that senators will thoroughly investigate the proposal to ensure that it would be transparent and successful, similar to the sovereign wealth funds established in other nations.

“It will be thoroughly reviewed, including the final period and comma. Here, we’ll make an effort to be more open. I personally would want to create a process that would involve a transfer of knowledge and technology because this is the first time we’re going to accomplish this “Tolentino stated that a successful example of technology transfer is the Alaska Permanent Fund.

“The money made from oil production in the US state of Alaska goes toward the Alaska Permanent Fund. On the other hand, the Alaska Permanent Fund has assisted other democratic states in creating their own sovereign wealth funds “Added he.

To prevent any flaws and issues in the final form, Senator Cynthia Villar urged that all the positive aspects of the proposal be included.

Villar suggested that it could be a good idea to let private or even foreign corporations invest in the Maharlika fund.

“When there is private money available, I tip my hat. The private investor is not aware that the pera is not available to them. Answerable to the local investors (I believe that private funding will draw greater attention). Private stakeholders won’t stand by and watch while their money is lost. They must account to their investors “said Villar.

“To be ayusin. I haven’t been nagmamadali in a while. Dapat tama (We ought to handle things correctly. We are not rushing. We must execute it properly “Added she.

Reporters should be glad to know that President Marcos is not putting pressure on the Senate to pass the bill, said Senate Majority Leader Joel Villanueva.

“The President’s statement that he doesn’t anticipate the Senate to move quickly and advised us to exercise extreme prudence is a welcome development. As you are aware, the President is a former senator who is quite familiar with how the Senate operates. We will examine this carefully and make sure that it is required “said Villanueva.

He stated that a meeting to discuss the proposal will take place on January 30 with the economic managers of the Marcos administration.

Villanueva stated that he is eager to talk with them about the purpose, the money source, and whether or not a statute is required in order to establish the sovereign fund.

“Ating mga kasamahan sa executive naman akikinig. (Our executive colleagues listen.) Magandang pakinggan itong darating na meeting namin sa kanila. The news of the next encounter with them is welcome “said he.

According to Villar’s version of the legislation, the Land Bank of the Philippines would provide PHP50 billion as seed money, the Development Bank of the Philippines would provide PHP25 billion, and various government financial institutions, including the Bangko Sentral ng Pilipinas, would pay dividends.

Additionally, it forbids contributions to the Maharlika fund from companies that are owned and managed by the government, including the Home Development Mutual Fund, the Government Service Insurance System, and the Social Security System.

In December 2022, the House of Representatives enacted its own version of the legislation on the third and final reading.

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