Senate Minority Leader Aquilino “Koko” Pimentel III on Wednesday described as a “very good development” the suspension of the implementation of the Maharlika Investment Fund (MIF).
In a text message, Pimentel, who has challenged the legality of the law that creates the MIF before the Supreme Court, maintained that the MIF was “defective.”
“Very good development. The law has a lot of defects. The concept has not been fully studied from the very start. Hence we should not wonder why apparently the law is not ready for implementation,” Pimentel said.
“Good that the Marcos administration appears to listen to reason.”
An October 12 memorandum issued by Executive Secretary Lucas Bersamin, by authority of President Ferdinand “Bongbong” Marcos Jr., ordered the suspension of the execution of the implementing rules and regulations (IRR) of the MIF law “pending further study.”
The memorandum was addressed to Bureau of Treasury officer-in-charge Sharon Almanza, Land Bank of the Philippines president and CEO Lynette Ortiz, and Development Bank of the Philippines president and CEO Michael de Jesus.
Marcos signed into law Republic Act No. 11954 or the Maharlika Investment Fund Act of 2023 in July, with the aim to tap state assets for investment ventures to generate additional public funds.
The law creates the Maharlika Investment Corp. (MIC), a government-owned company that will manage the MIF — a pool of funds sourced from state-run financial institutions that will be invested in high-impact projects, real estate, as well as in financial instruments.
Pimentel, along with Bayan Muna chairman Neri Colmenares and former Bayan Muna Representatives Isagani Zarate and Ferdinand Gaite, in September asked the Supreme Court to declare the MIF Law as unconstitutional.
In their 56-page petition for certiorari and prohibition, the petitioners argued that the MIF Law is unconstitutional due to violation of economic viability, violation of Bangko Sentral ng Pilipinas Independence, and violation of the three-reading rule in the legislative process. —Hana Bordey/KBK, GMA Integrated News
