Chief Presidential Legal Counsel Juan Ponce Enrile has said the proposed Maharlika Investment Fund (MIF), which already has at least 200 authors in the House of Representatives, should be studied thoroughly.
Chief Presidential Legal Counsel Juan Ponce Enrile has said the proposed Maharlika Investment Fund , which already has at least 200 authors in the House of Representatives, should be studied thoroughly.
“I am not just ready to say I am in favor of the proposal. I'm asking questions...what is the aim or its purpose? What is the economic value of the proposal to the nation? Where do we get the money to capitalize it?” Enrile said.House banks and financial intermediaries chairperson Irwin Tieng said he understands the concerns of Enrile and they always take into consideration his comments.
House appropriations panel senior vice chairperson Stella Quimbo, one of the authors of the bill, also repeatedly assured the public that the MIF should be given a chance since it will allow government financial institutions to raise huge amounts of funds at an unprecedented level necessary to achieve progress.
Quimbo said that there is still a huge unmet funding requirement for social services such as government subsidy, hospitals, education, airports, bridges and flood control projects. “There’s a lot of bills before that have a lot of co-authors, but what I can say is that maybe, they understand this bill more now, and that is why they are supporting the measure,” he added.
As to criticisms from retired Supreme Court Justice Antonio Carpio and economist Winnie Monsod that the MIF should not be pursued by the Philippines in the first place because it does not have surplus fund, Tieng maintained that it is within the mandate of state-run financial institutions to invest their investible funds, including in the MIF.
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