Metro Manila (CNN Philippines, January 24) — Sen. Win Gatchalian on Tuesday said it is not irregular for both houses of Congress to form a panel to revise a bill like the proposed Maharlika Investment Fund (MIF) even after it passed third and final reading.
‘
“That is not irregular,” he told CNN Philippines’ The Source.
‘
“The legislative process is a working process from the House to the Senate and either house has their own prerogative in forming technical working groups, four-man re-engineering panel, whatever you call it, but each house it’s their own prerogative to create their own bodies to further study the bill,” Gatchalian explained.
‘
In most cases, Gatchalian said this body is composed of the chamber’s members, experts, and resource persons.
‘
Senior Deputy Minority Leader Paul Daza, who voted in favor of the Maharlika Investment Fund (MIF) bill in the House, on Monday said it was unusual for a panel to “re-engineer“ the MIF after it was approved in the lower chamber.
‘
This was also questioned by some House members since it is now supposed to be in the Senate for deliberation.
‘
Gatchalian said the proposed MIF will be carefully studied by senators, which may take some time.
‘
“The most important here is we scrutinize the bill, we look at the benefits and we make sure it will not be abused in the future and we put safeguards so that the taxpayer will be protected,” he noted.
‘
The senators want to determine the bill’s goals and how it can contribute to nation building, Gatchalian said.
‘
Aside from this, he said one of his main concerns will be where the fund will be sourced and will this be enough to generate returns expected from it.
‘
In a television interview last week, Albay Rep. Joey Salceda, who is part of the four-man panel that revised the proposed measure, said the “re-engineered” version of the MIF bill will drop the dividends from the Bangko Sentral ng Pilipinas as capital source.
‘
It will be funded instead by surpluses from government-owned and controlled corporations (GOCCs) before it is listed on the Philippine Stock Exchange and before the conduct of an initial public offering.
‘
Gatchalian said GOCCs may be a potential source of funding, but noted that these surpluses also fund the national budget.
‘
If these funds are taken out, allocation for much needed projects, like roads and classrooms, will be affected, he said.
‘
