The Maharlika fund suffers from being rushed through Congress and fails to prove its economic viability, warn Senator Koko Pimentel and Bayan Muna Chairperson Neri Colmenares
They also argued that lawmakers from both the House of Representatives and Senate rushed the bill after President Ferdinand Marcos Jr.
“The result was a disaster, as the Approved Bill was subjected to public criticisms by members of both Houses themselves, for so many defects and incongruences,” the petition, filed on Monday, September 18, read. If the government would allow a simple three-page business proposal to prove economic viability, the petitioners said, then this requirement would be easily circumvented.
However, by requiring the BSP to remit dividends to fund the MIC, the petitioners argued that the BSP will lose its independence as there will be a “lasting, if not permanent, connection between BSP and the Maharlika Investment Fund.”
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