Metro Manila (CNN Philippines, December 18) — The House of Representatives made sure that transparency was among the safeguards included in the controversial Maharlika Investment Fund (MIF) bill, Speaker Martin Romualdez said on Sunday.
In a statement, Romualdez said during the plenary deliberations on House Bill 6608, the House adopted the proposed amendment of ACT Teachers party-list Rep. France Castro that the MIF bill should have a provision allowing the public to exercise the right to freedom of information regarding financial matters.
“During the lengthy and exhaustive plenary deliberations on House Bill 6608, we have adopted various safeguards to ensure we can achieve the objectives of the Maharlika Investment Fund, and one of such is a provision to ensure transparency on relevant financial matters pertaining to the MIF,” he added.
Albay 2nd District Rep. Joey Salceda, chairperson of the technical working group on HB 6608, said he agreed to accept Castro’s proposal.
“The 3rd reading version now creates an MIF that is significantly more transparent and accountable than the committee report. I am proud of the work of the Technical Working Group, which included recommendations from the minority,” he added.
Under Section 43 of the HB 6608, all documents of the MIF and the Maharlika Investment Corporation (MIC)—the independent body that will be created to manage the MIF—shall be accessible to the public.
These include all investments planned or under negotiation by the MIC and on the portfolio of the MIF, statements of assets and liabilities of board members and officials, audit documents, and other similar information.
Romualdez also said the measure provides that records of MIC’s investment activities shall be secured and maintained in the National Archives of the Philippines, and the disclosure rules under Philippine laws shall also apply to the corporation.
The MIF bill breezed through the lower chamber last Dec. 15 as 279 lawmakers voted to pass it and only six voted against it after President Ferdinand “Bongbong” Marcos Jr. certified the bill as urgent. It was only filed on Nov. 28 by Romualdez, presidential son and Ilocos Norte Rep. Sandro Marcos, and four other lawmakers.
The Senate has vowed to thoroughly study the House version of the MIF bill once transmitted to the upper chamber in January 2023 when the session of Congress resumes.
So far, the identified sources for the MIF are Land Bank of the Philippines (₱50 billion), Development Bank of the Philippines (₱25 billion), and Bangko Sentral ng Pilipinas (100% of dividends). The Social Security System and the Government Service Insurance System were removed as funding sources from the MIF bill following backlash from the public.
