Zubiri says Senate to rush floor debates
SENATE President Juan Miguel Zubiri yesterday said senators will fast track ongoing plenary discussions on the controversial measure proposing the creation of the Maharlika Investment Fund (MIF) and approve the bill on second and third reading next week before Congress goes on sine die adjournment on June 3.
In a letter dated May 22, 2023, President Marcos Jr. certified as urgent Senate Bill No. 2020, which proposes the establishment of the sovereign wealth fund, and called for its “immediate enactment,” citing the “compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development.”
Zubiri said plenary discussions on the measure are expected to finish soon, saying the leadership is now only “accommodating the last few members who want to interpellate on Monday.”
After the interpellations, the Senate leader said senators will review and assess proposed amendments to the measure, after which the proposal will be up for second reading approval once the period of individual and committee amendments.
With the certification from Malacañang, the Senate can do away with the three-day gap between the second and third/final reading and approve the measure the same day that it is passed on second reading.
“As a certified measure, we can close and approve the bill on that same week,” Zubiri said, adding a bicameral conference committee will then be convened to reconcile the Senate and House versions of the proposal.
The Senate chief expressed hope that House bicameral representatives would adopt the Senate version of the measure “which we improved with more safeguards in place to avoid possible misuse.”
Once all differences of the two versions are reconciled and approved by the bicameral committee, the final version will be presented in the respective chambers of Congress and submitted for members’ ratification, after which it will be transmitted to Malacañang for the signature of the president.
Sen. Francis Escudero said Congress can meet the President’s deadline and pass the measure faster if “House members adopt the Senate version sans a bicam(eral discussion).”
Escudero, citing information relayed by Sen. Mark Villar, chairman of the Committee on Banks, Financial Institutions, and Currencies, said the Department of Finance and the Bureau of Treasury “have a lot of amendments,” which will need to be introduced as committee amendments and submitted again for plenary approval.
Senate minority leader Aquilino Pimentel III said the minority bloc will raise several concerns on the proposed measure when the period of interpellations continues on Monday.
“We will interpellate, deliver our contra speech (and) vote ‘no.’ Per rules, contra speech (is delivered) before (the period of) amendments,” Pimentel said.
Marcos first certified the Maharlika bill as urgent last December when it was being discussed at the House of Representatives, which allowed the lower house to fast track the approval of House Bill No. 6608, its version of the proposal.
Pimentel has questioned the President’s certification and said there was no “no factual and legal basis” for it, thus making it unconstitutional.
