EXECUTIVE Secretary Lucas Bersamin yesterday expressed confidence that the law creating the Maharlika Investment Fund (MIF) would pass legal scrutiny should it be brought before the Supreme Court (SC).
Bersamin, in an interview with CNN Philippines, said that he personally attended the hearings in the Senate, and he could attest that the senators were very thorough when they deliberated on the sovereign fund measure.
“We are not sure what questions will be raised to attack its constitutionality, but we are confident that with two branches of government putting their heads together on this legislation, the Supreme Court will see through and approve or pass upon its judgement in favor (of MIF),” he said.
President Marcos Jr. signed Republic Act 11954 or MIF into law last week.
“We have no doubt about the accuracy of what was going to be the enrolled bill,” Bersamin said following questions on the changes in the content of the measure, including a provision on the prescriptive period in the MIF, before it was sent to the President for signing.
Bersamin said he and the legal team reviewed the measure before it was signed by Marcos.
He also does not see any legal problems in the prescriptive period.
Under RA 11954, government financing institutions will pool together non-debt financial resources and invest it in a wide range of investments projects that would generate bigger returns such as foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects that contribute to the attainment of sustainable development.
