The opposition lawmaker wants the House to wait until 2023 before the bill is passed. There is no doubt that the Maharlika fund proposal will hurdle Congress once a vote is called.
MANILA, Philippines – House opposition lawmaker Edcel Lagman spent two hours in the plenary debating with sponsors of the Maharlika Investment Fund bill, and pleaded that the lower chamber wait until after the holidays to pass the controversial measure.
“I beg the leadership, that since we are going to a Christmas break, to afford members of the House to consult with their constituents about the pros and cons of Maharlika bill, and we could most probably come back after the break to decide whether or not to pass the bill on second reading,” Lagman said.Lagman, who also heads the Liberal Party, quizzed banks panel chairperson Irwin Tieng and vice chairperson Joey Salceda, as the two took turns in defending the proposal.
Salceda also insisted that from 2018 to 2021, government-owned and controlled corporations – which will be used for the MIF – were in a surplus. “These funds, especially invested with public interest, are not directly managed by politicians. Instead, there is a board which selects a management, and that management will have a risk management unit. I have 46 pages of safeguards to ensure that this will not be slush fund of non-owners of this fund,” Salceda said.
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