Escudero says new MIF version has better shot at Senate

Metro Manila (CNN Philippines, April 1) — The latest version of the proposed Maharlika Investment Fund (MIF) has a better chance of hurdling the Senate after “key changes” were introduced to the bill, according to Sen. Chiz Escudero.

Escudero, who already signed the committee report, said Saturday that the new version was “totally unrecognizable” from its original form.

The senator also expressed his intention to interpellate the 32-page-panel report that Sen. Mark Villar, chairman of the Committee on Banks, Financial Institutions, and Currencies, sponsored at the plenary on March 20 — assuring of more improvements to the measure.

WATCH: Maharlika Fund Bill reaches Senate plenary

“I want to make sure that the bill from Senate will have the necessary safeguards and more importantly, puts the interest of the Filipino people first,” Escudero said.

“As I stated from the beginning when we started to review the original bill filed by Senator Villar, we will provide a better version. I said then that the Senate counterpart will not be in the same shape, size, color or form because, as it was passed in the House (of Representatives), it clearly will not pass the Senate,” he added.

The latest version of the controversial MIF in the Senate provides for an initial capital of ₱125 billion and removes tax exemptions and other privileges initially sought for it.

“One of the major improvements introduced to the measure via SB (Senate Bill) 2020 is to allow the Maharlika Investment Corporation (MIC) to issue bonds,” Escudero noted. “It is accompanied by provisions detailing the authorized and subscribed capital stocks to be created.”

Escudero said he recently met with economic managers to discuss strategies to improve provisions of the MIF bill — including fund sources and institutional arrangements of the MIC.

The House passed on third and final reading its version of the MIF bill on Dec. 15, just around two weeks since the idea was first proposed.

Villar filed the Senate version on Jan. 12, which was similar to the lower chamber’s version.

READ: The proposed Maharlika Investment Fund: What you need to know