NextGen Day

Sen. Francis Escudero claims that the latest Senate version of the proposed Maharlika Investment Fund (MIF) bill has a better chance of passing even though it is “totally unrecognizable” from its original form due to the numerous safeguards that senators introduced and the priority they gave to the interests of the Filipino people.

Escudero claimed that with so many revisions, the most recent version of the plan to establish the MIF had a higher chance of being approved by the Senate as a result of significant alterations made to the legislation intended to raise money for the government.

Senate Bill 2020, a synthesis of SB 1670 by Sen. Mark Villar and SB 1814 by Sen. Raffy Tulfo, is the Senate’s version of the amended MIF.

“As I said in the outset, we will present a stronger version of the original measure submitted by Sen. Mark Villar. After it passed the House, it was obvious that it would not pass the Senate, therefore I predicted that the Senate version would not be the same size, color, shape, or other characteristics. It won’t hold up under inspection,” Escudero said in an interview with “The Chiefs” that aired on Cignal TV’s One News last Friday evening.

After our assessment in the Senate, “the Maharlika that they rushed at the House of Representatives, you hardly recognize it anymore,” he continued.

The senator said that he had previously signed the committee report that reflected the significant changes to the prior version of the MIF bill, which were widely disapproved by his fellow senators.

Escudero also stated his intention to participate in the committee report’s interpellation process. Villar, who chairs the Senate committee on banks, financial institutions, and currencies, was one of the writers of the proposed legislation.

Escudero stated, “I want to ensure that the Senate bill would have the appropriate safeguards and, more significantly, puts the interest of the Filipino people first.

“There is a tremendous change between SB 1670 and SB 2020; it is now completely unrecognizable,” he said.

The senator pointed out that allowing the Maharlika Investment Corp. (MIC) to issue bonds is one of the significant changes made to the proposal by Bill 2020. Provisions describing the authorized and subscribed capital stocks to be created are included with them.

According to him, SB 2020 allows for P500 billion in authorized capital stocks, of which P375 billion in common stocks will be subscribed for by the national government and P125 billion in preferred stocks will be, “subject to certain conditions,” subscribed for by the national government and reputable private financial institutions and corporations.

According to Escudero, the bill also stipulates that of the initial P125 billion worth of MIC common stocks that the national government must subscribe, P75 billion must be fully paid for, P50 billion by the Land Bank of the Philippines (LBP), and P25 billion by the Development Bank of the Philippines (DBP).

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