Metro Manila (CNN Philippines, May 25) — Senate President Juan Miguel “Migz” Zubiri on Thursday said they are looking to approve the proposed Maharlika Investment Fund bill by next week.
“The plan is to approve it by second and third reading next week. We are accommodating the last few members who want to interpellate on Monday then we can open the period of amendments immediately after,” Zubiri said.
As a certified measure we can close and approve the bill on that same week. Hopefully, the House can adopt our version which we improved with more safeguards in place to avoid possible misuse,” he added.
Earlier this month, Zubiri said the Senate was eyeing to approve the bill by the last week of May, before Congress adjourns for a two-week break.
Zubiri’s comment comes after President Ferdinand Marcos Jr. on Wednesday certified the Senate bill as urgent.
In a letter addressed to Zubiri, Marcos said “there is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development.An urgent certification from the president allows the chamber to forgo the three-day rule between the proposed measure’s second and third reading.Meanwhile, Sen. Koko Pimentel said he would give his “contra speech” on the bill next week.We will interpellate, deliver our contra speech, vote no. Per rules, contra speech is before amendments,” he said.The proposed fund is patterned after sovereign wealth funds established in countries including Singapore, China, and Malaysia.
