Senator Sherwin Gatchalian said on Tuesday that the Maharlika Investment Fund (MIF) is now being reviewed by President Ferdinand Marcos Jr.’s economic team to ensure its legality.
Gatchalian explained that after the ratified version of the bill is signed by Senate President Juan Miguel Zubiri, it will go through the President’s economic team, including the Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP), for a thorough study.
In an interview, Gatchalian said that in the normal process, the economic team will review the bill after the Senate transmits it to the Palace.
He added that if the economic team has recommendations for the President to sign, then they will be signed.
Gatchalian further explained that the economic team is now reviewing the MIF bill to ensure the legality of the paper that Marcos will sign as well as to help the country.
The MIF law, which Marcos certified as urgent, seeks to establish a sovereign wealth fund into which the government can invest.
Last week, Marcos stated that if the MIF measure reaches his office, he will promptly sign it into law, emphasizing that management will be critical to its success.
Senate Minority Leader Aquilino "Koko" Pimentel III has cautioned Marcos not to sign the MIF, claiming it has a "high chance" of being unconstitutional.
