before the Supreme Court. Critics questioned the timing of the bill as there are more pressing issues the government needs to focus on like addressing high inflation.
The Senate version of the bill provides that bonds issued under the proposed measure would not be guaranteed by the government – a safeguard pitched by Senator Mark Villar, to prevent a repeat of Malaysia’s multibillion-dollar Villar said that any bonds or debt instruments issued by the Maharlika Investment Corporation would be secured by its own assets, meaning the government would not be liable for whatever happens to the MIF.
Prior to its passage, Senate Minority Leader Koko Pimentel raised transparency concerns over the MIC since it would decide on “mega infrastructure” projects of the government without the usual public scrutiny during deliberations at the Senate and the House of Representatives.Explaining her “No” vote, opposition senator Risa Hontiveros said on Wednesday that she believes that it was not the right time for a sovereign wealth fund.
“My belief is that the idea of a sovereign wealth fund will make sense sometime in the medium term, perhaps when we have the surpluses. It’s ahead of it’s time, so to speak,” Hontiveros added.
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Pimentel seeks ‘ironclad’ provision in Senate's Maharlika bill to keep SSS, GSIS funds untouchedAn “ironclad” provision to ensure that the pension funds will not be touched or compromised should be included in the Senate’s version of the Maharlika Investment Fund (MIF) bill, Senate Minority Leader Aquilino “Koko” Pimentel III said Tuesday. Pimentel pushed for such a provision after the minority bloc disclosed that “the threat that MIF would dip its hands into retirees’ pension funds is very much alive.”
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