MANILA, Philippines — Designed to further boost the country’s economic recovery, the controversial Maharlika Investment Fund (MIF) Act is now an enrolled bill after Senate President Juan Miguel Zubiri signed it in Washington yesterday.
Zubiri signed enrolled bills at the Philippine embassy in the United States capital where he is on a working visit, holding meetings with members of the US Congress and government agencies.
“The Maharlika bill is a priority measure, and the Estate Tax Amnesty Extension is very time-sensitive. Many are waiting for these bills. Fortunately, the enrolled copies were already prepared by the time Senate Secretary Renato Bantug was set to join us in Washington,” Zubiri said.
Certified as “urgent” by President Marcos, the MIF is a sovereign wealth fund that will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate and infrastructure projects.
Aside from the MIF, Zubiri also signed the Estate Tax Amnesty Extension. Under the bill, the period of availing of estate tax amnesty is extended by two years to June 2025. First extended from 2021 to 2023, this is the second extension of amnesty.
The Senate President also signed the act recognizing Baler as the birthplace of Philippine surfing. Senate Bill 1615 cites the municipality of Baler in the province of Aurora for its almost 36,000 kilometers of coastline and rich biodiversity for every local and foreign surfer whether beginner, amateur or veteran.
Bantug, part of the Senate contingent for the working visit, brought the enrolled copies to Washington.
Zubiri said the bringing of copies of three bills to the US was at no cost to the government.
“So he was able to bring them along with him, instead of letting them sit in the Senate waiting for my return, and I was able to sign them on Philippine soil, here in the embassy,” he explained. “This was at no expense to the Philippine government, because Secretary Bantug is actually with us in the Senate delegation. Just bring these enrolled bills together.”
The Estate Tax Amnesty program expired on June 14, 2023. Certified by Malacañang as urgent, the Extension Act will push the period of availment by two years, or up to June 14, 2025.
Ambassador Jose Manuel Romualdez and Sen. Francis Tolentino, part of the working visit, witnessed the signing.
“We have a few more days of meetings here in Washington, but with these enrolled bills already signed, we can send them out straightaway upon our return,” said Zubiri.
The Estate Tax Amnesty Extension Act is set to be sent to Malacañang for signature of the President, while the Maharlika Investment Fund Act is to be sent to the House of Representatives for the signature of Speaker Martin Romualdez.
Bantug said there are no longer conflicting provisions on the prescription of offenses under the clean copy version of the Maharlika bill. – Marc Jayson CayabyabMANILA, Philippines — Designed to further boost the country’s economic recovery, the controversial Maharlika Investment Fund (MIF) Act is now an enrolled bill after Senate President Juan Miguel Zubiri signed it in Washington yesterday.
Zubiri signed enrolled bills at the Philippine embassy in the United States capital where he is on a working visit, holding meetings with members of the US Congress and government agencies.
“The Maharlika bill is a priority measure, and the Estate Tax Amnesty Extension is very time-sensitive. Many are waiting for these bills. Fortunately, the enrolled copies were already prepared by the time Senate Secretary Renato Bantug was set to join us in Washington,” Zubiri said.
Certified as “urgent” by President Marcos, the MIF is a sovereign wealth fund that will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate and infrastructure projects.
Aside from the MIF, Zubiri also signed the Estate Tax Amnesty Extension. Under the bill, the period of availing of estate tax amnesty is extended by two years to June 2025. First extended from 2021 to 2023, this is the second extension of amnesty.
The Senate President also signed the act recognizing Baler as the birthplace of Philippine surfing. Senate Bill 1615 cites the municipality of Baler in the province of Aurora for its almost 36,000 kilometers of coastline and rich biodiversity for every local and foreign surfer whether beginner, amateur or veteran.
Bantug, part of the Senate contingent for the working visit, brought the enrolled copies to Washington.
Zubiri said the bringing of copies of three bills to the US was at no cost to the government.
“So he was able to bring them along with him, instead of letting them sit in the Senate waiting for my return, and I was able to sign them on Philippine soil, here in the embassy,” he explained. “This was at no expense to the Philippine government, because Secretary Bantug is actually with us in the Senate delegation. Just bring these enrolled bills together.”
The Estate Tax Amnesty program expired on June 14, 2023. Certified by Malacañang as urgent, the Extension Act will push the period of availment by two years, or up to June 14, 2025.
Ambassador Jose Manuel Romualdez and Sen. Francis Tolentino, part of the working visit, witnessed the signing.
“We have a few more days of meetings here in Washington, but with these enrolled bills already signed, we can send them out straightaway upon our return,” said Zubiri.
The Estate Tax Amnesty Extension Act is set to be sent to Malacañang for signature of the President, while the Maharlika Investment Fund Act is to be sent to the House of Representatives for the signature of Speaker Martin Romualdez.
Bantug said there are no longer conflicting provisions on the prescription of offenses under the clean copy version of the Maharlika bill. – Marc Jayson Cayabyab