ECONOMIC managers yesterday urged senators to fasttrack the approval of the controversial bill proposing the establishment of the Maharlika Investment Fund (MIF) before Congress adjourns sine die on June 2 and in time for President Marcos Jr.’s second State of the Nation Address (SONA) on July 24.
Finance Secretary Benjamin Diokno, in a statement, noted that “the Maharlika Investment Fund bill is making significant progress in the Senate.”
“We hope to see it signed into law before the President’s second State of the Nation Address on July 24,” Diokno said a day after attending the Senate plenary session on Monday, along with Budget Secretary Amenah Pangandaman and National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
The three managers were at the Senate to show their full support during the period of interpellation and debate on proposed Senate Bill No. 2020.
Senate President Juan Miguel Zubiri has earlier said the Senate was keen on fulfilling its commitment to Malacañang to have the measure approved before June 2, or once all concerns related to the establishment of the MIF have been threshed out.
Senator Mark Villar, chairperson of the Senate Committee on Banks and sponsor of the bill, said the MIF is expected to generate bigger returns for the government, setting it apart from other Government-Owned or-Controlled Corporations (GOCCs).
Villar said the returns from the Fund will maximize government assets and generate robust returns that will be used to invest in flagship projects.
“I came from the infrastructure sector when I was the secretary of the DPWH (Department of Public Works and Highways). I saw that there were a lot of infrastructure projects that needed additional funding when the General Appropriations Act cannot fund these projects anymore. This is why we need to have other fund sources,” Villar said.
The government’s funding sources for big-ticket projects usually come from foreign loans and internal funds through the national budget.
Villar also said that the MIF can collect equity investments from foreign and institutional investors.
On managing the Fund, Sen. Grace Poe has sought clarification on the qualifications and standards for the nine Board of Directors, which will be further elaborated in the implementing rules and regulations.
Under the current bill, the Advisory Board, composed of the Department of Budget and Management, NEDA and the Bureau of Treasury, shall recommend to the President the appointment of members of the Board of Directors.
