DESPITE the huge majority vote that approved the Maharlika Investment Fund bill in both chambers of Congress, Senate President Juan Miguel Zubiri still expects some parties to question the law before the Supreme Court, but is confident it can “stand the test of judicial scrutiny.”
As for the safeguards introduced in the period of amendments, Zubiri stressed that the final version addresses the concern of Minority Leader Aquilino Pimentel III about penalties against responsible officers misusing the Maharlika fund. “It’s there, it’s part of the law. It’s part of the last two pages of the law. As a matter of fact, Sen. Risa [Hontiveros] wanted to add an amendment yesterday on embezzlement, but that is already under the penal code.
“That is why we are learning from that mistake, but almost 99 percent of other sovereign wealth funds have been very successful.” He noted that Singapore’s Temasek Foundation “and many others who have invested heavily in their countries and in other funds” saw their money grow. He then cited several discussions on plans to invest in toll bridges like the Bataan-Cavite span seen to decongest Metro Manila and “would be the second longest bridge in the world…compared to the Macau-Hongkong bridge.”
Apparently addressing concerns that the MIF’s existence is like insulting Congress because it assumed the role of lawmakers who craft the GAA, Zubiri replied, “No, we did not transfer any power to the MIF. For example, they are increasing capitalization? They have to go back to Congress for approval.”