BY RAYMOND AFRICA and WENDELL VIGILIA
THE controversial proposed Maharlika Investment Fund bill is just a signature away after from becoming law after the House of Representatives yesterday adopted the Senate version of the proposed measure.
Senate President Juan Miguel Zubiri, during yesterday’s session, announced that the House adopted the final Senate version of the bill which was passed on second and third reading early yesterday.
With the adoption, Senate majority leader Joel Villanueva said there is no more need for the Senate to ratify the measure.
The House adopted Senate Bill No. 2020 as an amendment to House Bill No. 6608, its version of the measure which was passed in December last year.
No one objected to the motion of Nueva Ecija Rep. Mikaela Suansing, who acted as majority leader, for the House to adopt the Senate-approved version of the measure.
Because of the adoption, the House did away with the need to ratify the bill.
Senate minority leader Aquilino Pimentel III apparently was not informed ahead that a ratification will not happen.
Since the MIF will no longer be tackled on the plenary, Pimentel made a manifestation that he and Senate deputy minority leader Risa Hontiveros would have voted “no” for the ratification of the Senate of the proposed measure.
“So, just a manifestation. Of course, I would have voted ‘no’ all the way because I delivered my turno en contra speech on the measure (on Tuesday night). And had the bicam been presented today (Wednesday), we would also have, my deputy Sen. Risa Hontiveros, would also have objected and voted ‘no’ because the grounds we have used as our arguments — no surplus, no windfall profit, difficult economic situation, dangers to corruption, are still present up to this very moment. So, I just want to make that of record, Mr. President, that my vote on the Maharlika is ‘no’ all the way, Mr. President,” Pimentel said.
VOTING
The Senate early yesterday passed on second and third reading the proposed MIF bill, with 19 voting in favor, one against (Hontiveros), and one abstention (Sen. Nancy Binay).
The Senate did away with the three-day rule in between second and third reading because the measure was certified as urgent by President Marcos Jr, on May 22.
Pimentel and Senators Francis Escudero and Imee Marcos did not participate in the voting.
Pimentel said he did not participate because he has already delivered his turno en contra speech “hence I have made on record my position against the Maharlika bill.”
“The vote was at a very unholy hour of 2:30 a.m. Anyway, I will be able to cast my negative vote on the bicam report,” Pimentel said.
Escudero said, “’No, abstain, and did not participate’ have the same effect because only affirmative votes of a quorum are needed to pass any bill.”
He said he has not yet seen the final copy of the bill, but “it might be constitutionally infirm for Congress to pass the bill creating a new government-owned and controlled corporation without complying with the mandate of Article XII Section 16 of the 1987 Constitution.”
He was referring to the provision of the Constitution which states that “Congress shall not, except by general law, provide for the formation, organization, or regulation of private corporations.”
“Government-owned or controlled corporations may be created or established by special charters in the interest of the common good and subject to the test of economic viability,” it added.
Right after the Senate approved the bill, Zubiri named Sen. Mark Villar as chairman of the the Senate contingent to the bicameral committee, with Senators Pia Cayetano, Ronald dela Rosa, Sherwin Gatchalian, Francis Tolentino, Alan Cayetano, and Pimentel as members.
The Senate contingent met their House counterparts at the Manila Golf and Country Club in Makati City where they were told that the House will just adopt the final Senate version of the proposed measure.
Manila Rep. Irwin Tieng, chair of the House committee on financial intermediaries, told the bicameral meeting, “In behalf of the Congress (House) panel, we accept the Senate version in principle, subject to style.”
The Senate has amended its version of the measure, prohibiting state pension and insurance funds from investing in the MIF, a provision which was already in the House version.
These are the investments from the Social Security System (SSS), Government Service Insurance System (GSIS, Philippine Health Insurance Corp. (PhilHealth), Home Development Mutual Fund (Pag-IBIG Fund), Overseas Workers Welfare Administration (OWWA), and the Philippine Veterans Affairs Office (PVAO).
Albay Rep. Joey Sarte Salceda, chair of the House committee on ways and means, said the House has decided to adopt the Senate version, “so that the Executive can begin crafting the rules and regulations — which no doubt will be as significant as the law itself.”
“As promised, the MIF will not touch the funds of the SSS, GSIS, PhilHealth, or HDMF. We are thankful to the Senate for retaining most of the accountability and transparency safeguards established by the House,” he said.
To “refine” the implementation of the proposed law, Salceda said he raised some points during the pre-bicameral conference meeting which he hopes can be addressed by the Executive.
“I congratulate Speaker Ferdinand Martin Romualdez, Chairman Irwin Tieng, and our Senate counterparts. I will continue to offer what I can by way of prior experience and subject matter expertise in the drafting of the IRR,” he said.
