THE Maharlika Investment Fund bill which the Senate is widely expected to pass before adjourning this week, is “unsalvageable” in its current version, according to Minority Leader Aquilino “Koko” Pimentel III, who mounted an apparent last-ditch effort to delay a vote before the break.
On Monday, Hontiveros interpellated at length the bill’s sponsors, Banking committee chairman Mark A. Villar, after Pimentel tried but failed to use a question of quorum. “After thorough analysis and careful review of Senate Bill No. 2020, I have come to the conclusion that the overall risk is too great that it outweighs whatever the potential benefits of the measure are, if there is any at all,” Pimentel stressed.
In the case of MIF, the country’s own version of a sovereign wealth fund, Pimentel III said there is no new source of fund as the Philippines has no surplus in trade nor budget.Per the Senate Economic Planning Office , the government has been in a perennial budget deficit.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solons to hasten Senate Maharlika billAlbay Rep. Joey Salceda on Sunday said Congress is studying the Senate’s version of the Maharlika Investment Fund, which President Ferdinand Marcos Jr. earlier certified as urgent in a bid to hasten its passage as Congress adjourns sine die this week.
Source: MlaStandard - 🏆 20. / 55 Read more »
House ‘may adopt’ Senate Maharlika bill | Jovee Marie de la CruzA LEADER of the House of Representatives said the lower chamber is studying the Senate’s version of the Maharlika Investment Fund to ensure its faster approval in Congress. House Committee on Ways and Means Chairman Joey Sarte Salceda said the chamber is also talking to stakeholders and experts to see…
Source: BusinessMirror - 🏆 19. / 59 Read more »
Senate‘s Maharlika bill allows GSIS, SSS to invest in sovereign wealth —RisaState pension institutions may still invest in the Maharlika Investment Fund (MIF) under the Senate version of the measure even after their removal as mandatory sources of the sovereign wealth measure, Senator Risa Hontiveros said on Monday.
Source: gmanews - 🏆 11. / 68 Read more »
Maharlika bill in Senate still allows SSS, GSIS investmentsMANILA, Philippines — The Maharlika Investment Fund (MIF) bill was heavily scrutinized in the Senate on Monday for still allowing the Social Security System and the Government Service Insurance
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Senate may hold special sessions to accommodate queries on MIF bill, says VillanuevaThe Senate may hold special sessions to accommodate senators’ questions and concerns regarding the proposed Maharlika Investment Fund (MIF) bill this week, Senate Majority Leader Joel Villanueva said on Sunday, May 28. ManilaBulletin
Source: manilabulletin - 🏆 25. / 51 Read more »
People can’t scrutinize Maharlika Fund – PimentelSenate Minority Leader Aquilino Pimentel III on Sunday said the proposed Maharlika Investment Corp. would virtually take away the power of Congress to identify and allocate funds for infrastructure projects. | MRamosINQ /PDI
Source: inquirerdotnet - 🏆 3. / 86 Read more »