Metro Manila (CNN Philippines, July 18) — A group of lawyers along with the Makabayan bloc are looking into what actions they can take after President Ferdinand Marcos Jr. signed into law on Tuesday the controversial Maharlika Investment Fund bill that some economists and lawmakers warned may put the Philippine economy at risk.
“Please expect some sort of action on our part from the lawyers and from the Makabayan bloc,” Kristina Conti, secretary general of National Union of Peoples Lawyers, told CNN Philippines’ The Source on Tuesday.
Marcos signed the measure creating the country’s sovereign wealth fund almost eight months after the bill, which he certified as urgent, was filed at the House of Representatives.
The president said in his speech during the signing ceremony that the fund will be used for projects that will boost “economic transformation,” like infrastructure, domestic and foreign corporate bonds, and commercial real estate.
Conti said their next step includes possibly filing a constitutionality case before the Supreme Court. Their camp is also reaching out to other groups and experts opposing the fund, she noted.
The lawyer said one of the issues they will focus on is in terms of the approval procedure for the law. She was referring to the concern earlier raised by some lawmakers, like Senate Minority Leader Koko Pimentel, who said the enrolled version was not the copy approved by Congress.
“Any variation, lahat po nung paglabag ng protocol puwedeng gamitin para kwenstyunin ‘yung procedure or proseso ng pagpirma nitong bill na ito (all those that violated the protocols can be used to question the procedure or process of the signing of this bill),” she said.
Senate President Juan Miguel Zubiri admitted that corrections were made prior to the bill’s enrollment due to an “honest oversight” of the Senate staff. This was discussed by the majority bloc through Viber, he said.
READ: Zubiri denies alleged ‘tampering’ of Maharlika bill
However, Pimentel pointed out that corrections should have been made at the bicameral conference. Zubiri maintained that there were no intentions to change any provisions of the measure.
The opposition will also question the substantial aspect of the law, Conti said. Some experts have issued their position papers regarding the fund like the University of the Philippines School of Economics (UPSE), she noted.
