ACT Teachers Partylist Rep. France Castro vowed to question the constitutionality of the Maharlika Investment Fund (MIF) Bill in the Supreme Court.
"Pinag-aaralan na natin yung magiging legal basis na isasampa natin sa Supreme Court," Castro said on Sunday, June 11, during DZRH's Isyung Pambayan.
Castro insists that President Ferdinand Marcos Jr. should veto the measure or return it to Congress due to conflicting provisions, particularly regarding the prescriptive period.
"10 years ba o 20 years," the congresswoman questioned.
"Hindi pwede na may dalawang prescriptive period. Alin ba doon ang susundin kung halimbawa na magkaroon ng kaso yung sinuman ang mamahala nito," she added.
Castro also fears that a loophole will allow the MIF to utilize the funds of the Social Security System (SSS) and the Government Service Insurance System (GSIS).
She expressed her doubts even though the Senate included a provision that prohibits SSS, GSIS, Philippine Health Insurance Corporation (PhilHealth), Pag-IBIG Fund, Overseas Workers Welfare Administration (OWWA), and the Philippines Veterans Affairs Office (PVAO) from investing in the sovereign wealth measure.
"Yung stocks, pwedeng bumili doon ang GSIS, or SSS. Yung bonds, pwede din doon bumili ang GSIS or SSS kaya hindi pa rin tayo nakakasiguro na talagang ligtas na itong pondo natin sa GSIS at saka SSS," Castro explained.
Castro also questioned the lack of congressional oversight over the MIF, and the Presidential appointees who will manage the fund.
"Dito sa Maharlika Investment Fund, wala kaming say, hindi pwede namin i-scrutinize kaya iyon ang ikinakabahala natin," the lawmaker stressed.
"Ito ay pamumunuan lang ng mga director, na ilan ay nasa private sector, at lahat ay appointees ni President," she added.
Castro admitted that the Makabayan bloc in the House of Representatives sees the MIF as a big pork barrel for the President.
The MIF Bill needs only the signature of President Marcos to become law after the House of Representatives decided to adopt the version of the measure passed by the Senate.
