MANILA, Philippines — Malacañang hopes the Supreme Court (SC) will rule in favor of the Maharlika Investment Fund, as its constitutionality is challenged by critics of the administration.
“We are hopeful,” Presidential Communications Secretary Cheloy Garafil said in a text message yesterday when asked if the Palace is optimistic that the sovereign wealth fund’s legality would be upheld by the high court.
Republic Act No. 11954 or the Maharlika Investment Fund Act of 2023 was signed into law on July 18, establishing the country’s first sovereign wealth fund, which President Marcos and his cronies claimed would help the country achieve its economic targets.
Earlier this week, Bayan Muna chairman Neri Colmenares, former Bayan Muna representatives Carlos Zarate and Ferdinand Gaite and Senate Minority Leader Aquilino Pimentel III petitioned the SC to declare unconstitutional and void the Maharlika law, noting that it was not duly enacted in accordance with the constitution.
The petitioners also argued that the sovereign wealth fund violates the independence of the Bangko Sentral ng Pilipinas and fails to comply with the test of economic viability.
In July, Executive Secretary Lucas Bersamin expressed confidence that the Maharlika law would withstand legal scrutiny.
“We are not yet sure what questions will be raised against this bill to attack its constitutionality but we are very confident that with two branches of government putting their heads together in this legislation, the Supreme Court will see through and approve or pass upon its judgment in favor (of the law),” Bersamin told CNN Philippines.