Photo caption: President Ferdinand Marcos Jr. signs the Maharlika Investment Fund bill into law on Tuesday, July 18, 2023. (Photo from RTV Malacañang.)
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Tuesday signed the controversial Maharlika Investment Fund (MIF) bill into law.
The President signed the bill at the Kalayaan Hall of the Malacañan Palace, with members from both the Senate and the House of Representatives in attendance.
The MIF had drawn widespread criticism due to possible pitfalls of investments. Senate Minority Leader Aquilino Pimentel III had called for Marcos to veto the measure.
According to Pimentel, the law would divert resources that could be used to solve immediate issues such as education and healthcare gaps.
Senator Francis Escudero had described the MIF as a leap into the unknown.
READ: Veto Maharlika bill, return it to Congress to fix potential pitfalls, Pimentel presses Marcos
Marcos has certified the bill as urgent for both chambers of Congress. The controversial MIF breezed through the legislative branch with an overwhelming majority in both chambers. In the House of Representatives, the measure garnered 279 yes votes while the bill got 19 votes in the Senate.
Only seven lawmakers voted against the MIF, namely Sen. Risa Hontiveros in the Senate and Representatives France Castro, Raoul Manuel, Arlene Brosas, Edcel Lagman, Mujiv Hataman, and Gabriel Bordado in the House of Representatives.
