The controversial bill seeking to establish a Maharlika Investment Fund (MIF) is now inches away to become a law as the two chambers of Congress approved the bill on Thursday, May 31.
The House of Representatives adopted Senate Bill 2020, the version of the Senate during the bicameral conference committee held at the Manila Polo Club in Makati City.
The bill was adopted shortly after Senate passed this on the third and final reading on Wednesday morning, with 19 affirmative votes.
The Senators who earlier voted "yes" was Senate President Juan Miguel 'Migz' Zubiri, Senate President Pro Tempore Loren Legarda, Senate Majority Leader Joel Villanueva, and Senators Mark Villar, Cynthia Villar, Alan Cayetano, Pia Cayetano, Sonny Angara, Christopher Lawrence 'Bong' Go, Ronald 'Bato' de la Rosa, JV Ejercito, Jinggoy Estrada, Sherwin Gatchalian, Grace Poe, Ramon 'Bong' Revilla Jr., Raffy Tulfo, Francis 'Tol' Tolentino and Robinhood 'Robin' Padilla.
Minority leader Risa Hontiveros voted against and Senator Nancy Binay abstained.
SB 2020 will be sent to Malacañang for the signature of President Ferdinand 'Bongbong' Marcos Jr. who earlier certified the bill's version in the House and in the Senate as urgent.
In the Senate's final version of the Maharlika fund bill, government-owned and controlled corporations (GOCC) such as the Government Service Insurance System (GSIS), Social Security System (SSS), Philippine Health Insurance (PhilHealth) corporation, Pag-IBIG, Overseas Workers Welfare Administration (OWWA), Philippines Veterans Affairs Office (PVAO) "shall be absolutely prohibited, whether mandatory or voluntary, to contribute in the capitalization" of the Maharlika Investments Corporation (MIC).
But the MIC board of directors can request to Congress for an "increase in capitalization" up to such an amount, "as may be necessary to attain the objectives" of the bill.
"The increase in the authorized capital stock may be subscribed and paid for by the government financial institutions and/or the national government from the unappropriated retained earnings," the bill reads.
The Maharlika fund will have seed money coming from the Land Bank of the Philippines (LBP) that shall contribute ₱50 billion, the Development Bank of the Philippines (DBP) with ₱25 billion, and the national government with ₱50 billion.
The overall investment returns or the money that will be reaped from the investments will be allocated for the national government programs and long-term projects such as dams, electric grids, and among others.
