(FILE PHOTO)
Metro Manila, Philippines— Senate President Juan Miguel Zubiri signed the Maharlika Investment Fund (MIF) bill on Wednesday in Washington D.C. in the United States.
Senate Secretary Renato Bantug brought a copy of the bill to Washington D.C. where Zubiri is currently on a working visit.
The bill will be brought to House Speaker Martin Romualdez before being transmitted to Malacañang for President Ferdinand Marcos Jr.’s signature.
When asked about the errors in the bill, Zubiri said these were addressed.
“I believe the corrections were thoroughly discussed by the majority bloc in our Viber group, including the letter of correction sent by Senator Mark Villar,” Zubiri added.
The senators approved the MIF bill on May 31. Only Sen. Risa Hontiveros voted against the proposed measure while Sen. Nancy Binay abstained. Minority Leader Sen. Koko Pimentel and Senators Imee Marcos and Chiz Escudero, who were also against the bill, were absent during the voting.
The proposed measure was a consolidation of two bills: SB 1670 by Senator Mark Villar and SB 1814 by Senator Raffy Tulfo.
Revisions made to the bill include the explicit prohibition of the Government Service Insurance System, the Social Security System, the Philippine Health Insurance Corporation, the Overseas Workers Welfare Administration, and the Philippine Veterans Affairs Office from investing in the MIF.
A proposal to allow foreigners to sit on the board of the Maharlika Investment Corp., which will manage the MIF, was included in the bill as well penalties for those who will be proven to have misused the funds.
The House of Representatives approved its version of the bill on Dec. 15, 2022.
