MANILA, Philippines — The controversial bill creating the Maharlika Investment Fund, which is backed by President Ferdinand "Bongbong" Marcos Jr. himself, is among the Senate’s priorities come 2023, Majority Leader Joel Villanueva said Monday.
"The move for the condonation of agrarian reform payments, as well as the House bill on the Maharlika Investment Fund are also on top of the legislative agenda," Villanueva said in a text message to reporters.
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During its last session before Congress went on a break for the holidays, the House of Representatives — like the Senate, dominated by Marcos’ allies — overwhelmingly and quickly approved the bill that seeks to create the Maharlika fund.
This came as Marcos certified the bill as urgent despite public protest, with some of the loudest criticisms coming from businesses, academics and civil society.
Senators too were initially apprehensive about the bill that Marcos admittedly broached as it originally included retirement funds tended by the Government Service Insurance System and Social Security System as part of Maharlika’s seed money.
House lawmakers have since removed the GSIS and the SSS as funding sources for Maharlika and later on barred the state pension funds from ever contributing to the proposed sovereign wealth fund.
Senate President Juan Miguel Zubiri has said that despite being certified as urgent, the Senate cannot be rushed into passing the Maharlika fund bill and vowed that the chamber will scrutinize the proposal with a "fine tooth comb."
Other Marcos administration-backed bills will also be at the top of the Senate’s legislative agenda, according to Villanueva, including the proposals to create the Virology Institute, Medical Reserve Corps and the National Center for Disease Prevention and Control.
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