11 Cebu lawmakers back bill creating Maharlika Investment Fund

House of Representatives logo and plenary. INQUIRER FILES

CEBU CITY, Philippines – Almost all lawmakers from Cebu backed the proposal to create the country’s first sovereign wealth fund.

The House of Representatives on Thursday, Dec, 15 passed on second reading, via viva voce, House Bill (HB) 6608. HB 6608 seeks the establishment of the controversial Maharlika Investment Fund (MIF). 

This despite stiff opposition from some members of the Minority bloc.

Reports from Manila-based media outlets stated that the number of lawmakers expressing support over the bill have also increased, from 235 to 270. 

State-media Radyo Pilipinas on Thursday released the list of lawmakers who joined in supporting the creation of the MIF. These include at least 11 House representatives from Cebu. 

They are Reps. Rhea Gullas (1st District), Edsel Galeos (2nd District), Janice Salimbangon (4th District), Duke Frasco (5th District), Daphne Lagon (6th District), Peter John Calderon (7th District), Eduardo Rama Jr. (Cebu City – South District), Rachel Del Mar (Cebu City – North District), Cindi Chan (Lapu-Lapu City), Emmarie “Lolypop” Ouano-Dizon (Mandaue City), and Sonny Lagon (Ako Bisaya Party). 

Only Cebu 3rd District Rep. Pablo John Garcia’s name did not appear in the list of congressmen who wanted to co-pen HB 6608. 

CDN Digital is trying to reach Garcia for his comments as of this posting. We have also contacted most of the lawmakers who expressed support on HB 6608 for their statements.  

HB 6608’s approval on Thursday meant the House only needs three more session days to pass the bill on third reading. 

However, since the Congress is set to go on a recess for the holidays, the earliest that the MIF bill would be approved is by Jan. 25.

On Dec. 14, House Speaker Ferdinand Martin Romualdez, one of MIF bill’s principal authors, reported that 75 percent of the Congress’ lower chamber wanted to co-author the proposal. 

Before the bill was passed on second reading, there have been several criticisms hurled at the proposal, because many lawmakers feel that was not the right time for the country to have a sovereign wealth fund (SWF).

Several lawmakers said that the timing of the MIF was questionable because the country currently had no surplus fund, while having a huge debt and a budget deficit. 

The bill also got public backlash after the original version of it — HB No. 6398 — included P125 billion Government Service Insurance System (GSIS), P50 billion from Social Security System (SSS), and P25 billion from the national budget into the starting fund of the MIF. 

While some have lauded the changes made over the course of the deliberations, opposition lawmakers still insist that the MIF must be opposed because it opens possible pathways for corruption. / with reports from Gabriel Lalu of INQUIRER.net

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