Senator Aquilino 'Koko' Pimentel on Friday called on President Ferdinand 'Bongbong' Marcos Jr. to exercise his power and veto the controversial proposed Maharlika Investment Fund (MIF) bill.

"The bill, in its current form, is not acceptable. I am calling on the President to exercise his veto power and return the measure to Congress,” Pimentel said in a statement.

He stressed that sending back the MIF bill is in the “best interest” of Filipinos and the administration since lawmakers can look into the measure for a second time around “to address the concerns raised by many sectors.”

Meanwhile, interviewed during DZRH’s Balansyado, Pimentel said Marcos' certification of the MIF bill as urgent should be invalid since there is no public health emergency.

“Ang tanong ko, ano ang emergency na nasa harap ng mukha natin na masosolusyunan ang panukalang ito? Na sasabihin nila na long-term investment? Sa susunod na dekada na ito mararamdaman eh," he pointed out.

Pimentel said he thinks that the President may veto the law since his desired version of the MIF was not passed.

The Senator then urged the civil society to file an appeal before the Supreme Court against the passing of the MIF.

On Thursday, 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 the Senate passed this on the third and final reading on Wednesday morning, with 19 affirmative votes.

Before lawmakers passed the bill, Pimentel made a motion on Tuesday afternoon seeking to move the proposed MIF bill to the Senate Committee on Government Corporations and Public Enterprise for further questioning.

However, the Senate blocked Pimentel's motion, with 16 Senators objecting. Only Minority leader Risa Hontiveros voted in favor.