MANILA — Despite an urgent plea to stop the implementation of the controversial Maharlika Investment Fund, the Supreme Court has not issued a temporary restraining order .
Petitioners Senate Minority Leader Aquilino "Koko" Pimentel III, Bayan Muna Chairman Neri Colmenares, and former Bayan Muna Representatives Carlos Zarate and Ferdinand Gaite filed the petition on September 18, exactly a month after President Ferdinand “Bongbong” Marcos, Jr. signed the bill into law.
But petitioners argued there was no public calamity or emergency to justify the presidential certification. The petitioners also claimed the Maharlika Investment Fund failed to satisfy the test of economic viability under Section 16, Article XII of the Constitution because only a 3-page business proposal was presented promising a return on equity of around 6.51 percent to 10.78 percent without showing the basis for the computation.
“In effect, violating the independence of the ‘Bangko Sentral Pilipinas’ as the central money authority of the country. The Bangko Sentral is now obligated to earn not for itself but for the Maharlika Investment Corporation,” it added.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MlaStandard - 🏆 20. / 55 Read more »
Source: TheManilaTimes - 🏆 2. / 92 Read more »
Source: TheManilaTimes - 🏆 2. / 92 Read more »
Source: ANCALERTS - 🏆 26. / 50 Read more »