President Ferdinand “Bongbong’ Marcos Jr. (Photo screengrab from RTVM)
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. has certified as urgent the Senate bill seeking to establish the controversial Maharlika Investment Fund.
In a letter to Senate President Juan Miguel Zubiri dated May 22, Marcos tagged as high-priority Senate Bill 2020, or the proposed MIF bill, which is known to be his brainchild.
Marcos cited “the downgrade of the global growth projection this year on account of debilitating inflation, fluctuating and unstable prices of crude oil and other fuels due to the protracted conflict between Ukraine and Russia, and continuing interest rate hikes in the international financial sector” in his justification of his certification of the proposed measure as urgent.
“There is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate activity and development,” he said.
Senate Secretary Renato Bantug Jr. read out Marcos’ letter as part of the session’s reference of business on Wednesday, which Zubiri referred to the rules committee headed by Senate Majority Leader Sen. Joel Villanueva.
Certifying the bill as urgent will allow the Senate to forgo the three-day rule as mandated by the 1987 Constitution between the proposed measure’s second and third reading.
Over the past days, there had been daily session deliberations on the proposed MIF in the Senate, which had been questioned by Senate Minority Leader Sen. Koko Pimentel.
Marcos-allied Senator Mark Villar, the main proponent of the bill in the upper chamber, would respond to questions and interpellations by his fellow lawmakers.
Marcos’ certification sets up a similar picture to the MIF bill journey in the House of Representatives last year.
When Marcos certified as urgent the lower chamber’s MIF proposal, it allowed the House to approve the bill less than a month since it was filed by Speaker Martin Romualdez and other House lawmakers.
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