Despite the fast-paced passage in the House of Representatives of the Maharlika Investment Fund (MIF) bill, majority and minority senators have agreed to go over the controversial measure with a fine-toothed comb when it reaches the Senate.
Despite the fast-paced passage in the House of Representatives of the Maharlika Investment Fund bill, majority and minority senators have agreed to go over the controversial measure with a fine-toothed comb when it reaches the Senate.
Pimentel added that “they must look at its form, how it was substituted, and even its legislative history,” noting that from a Sovereign Wealth Fund concept, “it has evolved into an investment fund,” pointing out that this was obviously done because the proponents were faced with criticism that the original bill did not fit the traditional concept and grounds for creating a sovereign wealth fund.
Turning the SWF into an investment fund poses serious risks, said Pimentel, noting that not only will the country resort to borrowings to partly kick off the fund, worse, it will put such borrowed funds into the hands of “unelected” people who will “behave like government” in the sense that they can decide priorities for spending.
Given all these, Pimentel said, “there is need to examine the original versions of the bill to track the changes.”
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