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🏛️ Manila – Senate President Juan Miguel Zubiri expressed confidence on Tuesday that the newly signed Maharlika Investment Fund (MIF) law can withstand scrutiny by the Supreme Court (SC), amid rumors of potential challenges to its constitutionality.

Zubiri assured that all laws passed by the Senate and House of Representatives undergo thorough scrutiny to ensure their constitutionality. He emphasized that passing an unconstitutional law would reflect poorly on their legislative work.

“Ibig sabihin niyan [It means], we did a poor job and a bad job in passing these laws,” Zubiri said in a press conference.

In response to concerns raised by Senate Minority Leader Aquilino Pimentel III and Senator Risa Hontiveros about the MIF Act, Zubiri stood by the safeguards incorporated into the law by Congress, particularly the Senate.

“I’m very proud that tayo dito sa Senado ay nakalagay ng napakaraming pahinang (us here in the Senate were able to put so many pages of) safeguards when it comes to the selection of the leadership of the Maharlika Investment Fund up to the two pages of penalties for the misuse of the Fund. So, we’re very proud of our version,” he said.

The MIF is seen as a reinforcement of the Marcos administration’s economic goals, enjoying full backing from Congress under the Medium-Term Fiscal Framework and the 8-point Socioeconomic Agenda.

Senator Mark Villar, who sponsored the MIF Act, highlighted its significance in prioritizing the country’s economic recovery. Villar believes the MIF will create more job opportunities, provide funding for sectors such as agriculture, energy, health, information technology, and infrastructure, and elevate the livelihood of all Filipinos.

“The MIF is a historic legislation. We are now at par with other countries with their sovereign wealth fund,” Villar said, affirming his full support for President Marcos’ goal of uplifting the nation’s well-being.

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