Opposition lawmaker’s appeal: More debates on MIF

MANILA, Philippines — As Congress prepares to go on Christmas break beginning on Friday, an opposition lawmaker is appealing to his colleagues to allow more time for debates over the controversial bill seeking the creation of a Maharlika Investment Fund (MIF).

Rep. Edcel Lagman, president of opposition Liberal Party, has urged Speaker Martin Romualdez to extend the legislative deliberations on the measure contained in House Bill 6608. Congress ends its Christmas break on Jan. 22, 2023.

“The long Christmas break from 17 December to 22 January 2023 will afford the members of the House sufficient time to consult with their constituents on the pros and cons of the proposed measure,” the Albay congressman wrote the House leader.

“May I earnestly reiterate my earlier call that the bill must not be fast-tracked,” Lagman said, even as he “congratulated” the House leadership for removing the Government Service Insurance System and the Social Security System as “major contributors” to the MIF.

“The deletion of the President of the Republic as chairman of the projected MIC is also welcome, but his replacement by his alter ego, the Finance Secretary, must be subject to further consideration,” he said.

The House adjourned early yesterday, and plenary debates on HB 6608 are expected to resume today.

Rep. Irwin Tieng, chairman of the House committee on banks and financial intermediaries that approved House Bill 6608, again defended the bill from efforts to have it junked immediately.

Yesterday, a member of the super majority coalition manifested the request to “suspend” floor debates, which Deputy Speaker Robbie Puno of Antipolo City – who was presiding over the session – approved immediately.

There was no reason stated for the suspension of the ongoing deliberations, however.

HB 6608 is currently undergoing period of plenary debates and interpellations, shortly after it was approved at the committee level Monday.

House Majority Leader Jose Manuel Dalipe told journalists earlier the measure would be approved on second reading before Congress’ Christmas break.

Romualdez is part of Marcos’ retinue in his latest foreign trip to Belgium for the ASEAN-EU commemorative summit.

Tieng, of Manila’s fifth district, was interpellated by militant legislators Reps. France Castro of ACT Teachers, Arlene Brosas of women’s group Gabriela and Raoul Manuel of Kabataan party-list, as well as House Minority Leader Marcelino Libanan.

Tieng assured his House colleagues, which also included Northern Samar Rep. Paul Daza and House Deputy Minority Leader Bernadette Herrera (Bagong Henerasyon party-list) that the national government would be very judicious in handling the investible funds.

He said 20 percent of the net income from invested funds would be set aside for the national government’s social welfare programs.

The panel also removed the provision designating the President as chairman of the board. In the new version of the measure, the secretary of finance will serve as MIF chairman.

Penal provisions for erring fund managers have also been provided, like five-year imprisonment aside from hefty fines. Rep. Manuel wanted a harsher penalty, however, like “perpetual disqualification from holding office.”

Meanwhile, Tieng revealed that the number of authors of HB 6608 has grown from 80 to as many as 216 now. The last figure was provided by Marikina Rep. Stella Luz Quimbo, senior vice chairperson of the appropriations committee and one of the authors of the MIF.