After the Maharlika Investment Fund (MIF) bill was signed into law on Tuesday, Senate Minority Leader Aquilino "Koko" Pimentel said that it should be challenged in court.
"Today is a sad day in our country's history, as the state will be engaging, unjustifiably, in an economic activity (risky investing) that is best left to the private sector," Pimentel said in a statement.
For one thing, he claims that the Maharlika Fund concept "was developed on the fly.
Pimentel emphasized that, unlike other nations, the government does not have a budget or a trade surplus to fund the MIF and secure its long-term viability.
According to Pimentel, the funds to be used first are already existing funds under the control of conservatively run government banks.
He believes the MIF bill will be challenged at the Supreme Court because of the numerous objections made against it, notably the haste with which it was drafted.
He offered the following reasons for bringing the case before the Supreme Court:
- Defective Presidential Certification
- No public emergency or calamity is being addressed.
- Hence, no three readings on three separate days.
- No showing of Economic Viability
- Undue Delegation of Legislative Power
- Surrender of the Budget Process by Congress
- Leaving to the IRR (implementing rules and regulations) the determination of many important matters
- Violation of Substantive Due Process
- Insists on being a Sovereign Wealth Fund when it is not.
- Inherent contradictions and confusion
- Violation of BSP (Bangko Sentral ng Pilipinas) Independence
The bill signed by the President was not the version passed by Congress (this will be called the "altered bill doctrine).
