Metro Manila (CNN Philippines, July 19) — Senate President Juan Miguel Zubiri on Wednesday shrugged off plans of some groups to challenge the Maharlika Investment Fund law before the Supreme Court.
“In the legislative process, you always go back to the transcript of records. That’s why I’m not worried with the Supreme Court because we will provide them with the transcript of records of what transpired,” Zubiri told CNN Philippines’ The Source.
President Ferdinand Marcos Jr. on Tuesday signed the controversial Maharlika Investment Fund law that creates the country’s sovereign wealth fund. The money to be allocated here will be used to invest in projects like those in infrastructure that are seen to boost economic growth.
Kristina Conti, secretary general of National Union of Peoples Lawyers, told CNN Philippines on Tuesday that her group and the Makabayan bloc are looking into steps they can take following the signing of the law.
One of the issues they will raise is on the approval procedure of the Maharlika fund, after changes in the bill approved by Congress were allegedly discussed on Viber.
This is specifically on the differing prescription period for violation of the measure.
Zubiri has denied the alleged “tampering” of the measure after it was approved by Congress.
“We only chose the same provision, only one prescription period of 10 years. Si Senator Risa (Hontiveros) proposed 20 years, (Senator) Mark Villar said no, we do not accept 20 years, only 10. Very clear in the transcript of records,” he pointed out.
The Senate President said he then received no objections after asking if there were such to the motion of Villar, who was sponsor of the law. In effect, the motion to amend the period to 20 years was lost, Zubiri noted.
Zubiri said that “it was just an honest mistake of the secretariat,\” when it put a prescription period of 20 years.
