MANILA — President Ferdinand “Bongbong” Marcos Jr. has declared the Senate bill proposing the establishment of the Maharlika Investment Fund as an urgent matter, expediting its progress through the chamber.
The certification of Senate Bill 2020 by Marcos was announced during the Wednesday session by Senate Secretary Renato Bantug Jr. The message was then referred to the Senate rules committee, led by Senate Majority Leader Joel Villanueva.
Marcos cited several reasons for his certification, including the global growth projection downgrade resulting from inflation, the Ukraine-Russia conflict, and international interest rate hikes.
He emphasized the necessity of a sustainable national investment fund to accelerate the implementation of significant infrastructure projects that would stimulate economic activity and development.
A presidential certification of urgency allows the legislature to bypass the three-day rule, which typically requires bills to be approved on the third and final reading three days after the second reading.
House bill expedited
Previously, Marcos had also certified the House bill regarding the creation of the Maharlika Fund as urgent. This enabled the lower chamber to pass the bill within a mere 17 days from its filing.
In his message to the House, Marcos explained that he deemed the Maharlika Fund bill urgent in order to establish a sustainable national investment fund that would enhance the investment activities of top-performing government financial institutions and stimulate economic growth and social development.
The Senate has been engaged in debates on the Maharlika Fund bill for a week, with senators questioning Senator Mark Villar, who is guiding the measure’s passage in the upper chamber. Following the conclusion of interpellations, the period of amendments will commence. Once further amendments are introduced and senators finish discussing them, the Senate can proceed to pass the Maharlika Fund bill on the second reading and subsequently approve it on the final reading.
Under the Senate’s version of the bill, the initial capital for the fund will be sourced from the Land Bank of the Philippines, the Development Bank of the Philippines, dividends from the Bangko Sentral ng Pilipinas, the Philippine Amusement and Gaming Corp, and proceeds from the privatization of government assets.
(AI/MTVN)
