ON A MISSION President Marcos, shown here with his wife, first lady Liza Araneta-Marcos, is participating in the Association of Southeast Asian Nations-European Union Commemorative Summit in Brussels, Belgium, from Dec. 12 to 14. 鈥擬ALACA帽ANG PHOTO
BRUSSELS 鈥� For the first time since lawmakers filed a bill seeking to create the controversial Maharlika Investment Fund (MIF) two weeks ago, President Ferdinand Marcos Jr. broke his silence on Sunday night and publicly expressed support for the proposed sovereign wealth fund.
Speaking to reporters on his flight to Belgium, the president admitted that he was the one who first broached the idea of establishing an MIF.
鈥淚t鈥檚 very clear that we need added investment. This is another way to get that,鈥� he told reporters.
Marcos is here to attend the Association of Southeast Asian Nations-European Union Commemorative Summit from Dec. 12 to 14, his seventh official trip abroad since he assumed office on June 30.
Asked if the MIF would be 鈥渁dvantageous鈥� for the Philippines, he said: 鈥淔or sure. I would not have brought it up otherwise.鈥�
The proposed MIF sought an initial investment of P250 billion from the Government Service Insurance System (GSIS), Social Security System (SSS), Land Bank of the Philippines, and the Development Bank of the Philippines, and a P25-billion allocation from the national government.
Lawmakers proposing House Bill No. 6398, or the MIF Act, have since scrapped the budget allotment and the GSIS and SSS as funding sources following public backlash on the use of pension funds for the plan.
Initially, the president was to chair the board that would manage the fund, but proponents of the bill also decided to replace the chief executive with the finance secretary.
Critics have likewise assailed administration allies for rushing the passage of the bill filed by Speaker Martin Romualdez, the president鈥檚 son Ilocos Norte Rep. Ferdinand Alexander 鈥淪andro鈥� Marcos, and other administration lawmakers.
鈥楶erfect鈥� version
On Dec. 1, the House committee on banks and financial intermediaries approved the bill, and authors of the proposed measure were targeting its passage on the third and final reading this December, barely a month since it was filed on Nov. 28.
However, Marcos said: 鈥淲ell, we鈥檙e just doing the regular process of looking at the bill. Well, not we. It鈥檚 the legislature. So let them do their jobs.鈥�
He also allayed the fears of the public over possible misuse of government funds due to alleged questionable provisions in the bill, dismissing criticisms about the timing of the proposal.
鈥淟et鈥檚 not debate until we see the final form because we could be debating about provisions that will no longer exist. So let鈥檚 just wait for what the legislature will do,鈥� he said.
According to the president, he would let lawmakers come up with a 鈥減erfect鈥� version of the bill.
Senate Minority Leader Aquilino Pimentel III said the president鈥檚 comment supporting the MIF was a signal to his allies in Congress to back the measure.
鈥淭he president is backing up the concept of the sovereign wealth fund, but not the details,鈥� Pimentel told reporters on Monday.
鈥淭he president is right in saying that we have to do our work and part of our work is to question whether we need this at this time,鈥� he said.
Evolving bill
In the Lower House, lawmakers continued to approve more changes to the Maharlika bill, now known as HB 6608, the latest variant that lawmakers said has 216 coauthors from different political parties, or nearly 90 percent of the House membership.
Among others, the proposed Maharlika fund would have 20 percent of its profits allotted to social welfare projects, while imposing penalties on those who would violate the fund鈥檚 investment policies.
The House banks and financial intermediaries committee released a copy of its report on the draft substitute measure creating the MIF.
Panel chair and Manila Rep. Irwin Tieng said his committee held an executive session in the morning to approve several amendments to the bill.
The report was signed by Tieng, appropriations panel chair Rep. Elizaldy Co, and ways and means committee chair Rep. Joey Salceda.
鈥淚nvestments鈥� shall be limited to National Economic and Development Authority Board-approved major capital projects to ensure that these are in line with the socioeconomic development program of the government,鈥� the bill said.
Tieng鈥檚 panel also approved the earlier changes during the executive session on Monday, including the designation of the finance secretary as chair of the fund鈥檚 board, and the inclusion of four independent directors.
He also assured the public that lawmakers were trying their best to include 鈥渁ll possible safeguards鈥� into the bill, contrary to the claim of national scientist Raul Fabella that the measure was 鈥渂eyond repair.鈥�
Thorough debate
House Deputy Minority Leader Rep. Paul Daza said he was now inclined to support the Maharlika bill after the House leadership introduced improvements.
鈥淚t鈥檚 now a much better bill,鈥� Daza said.
However, Albay Rep. Edcel Lagman urged Romualdez to see to it that the measure would be thoroughly debated in the lower chamber.
Senate President Juan Miguel Zubiri also reiterated on Monday that senators would scrutinize the proposal.
In Bacolod City, retired Commissioner Rowena Guanzon of the Commission on Elections called on Filipinos to oppose the Maharlika bill through social media before it is too late.
She said the public could express their sentiments through photos or TikTok dance to let their lawmakers know how they feel.
鈥淵ou can do it any way you want but please make your objections known to your representatives and senators by posting your opinions and objections on social media,鈥� said Guanzon, also a former mayor of Cadiz City in Negros Occidental.