Congress passes Maharlika Wealth Fund in final reading

A few hours after President Ferdinand Marcos Jr. certified it as urgent, House Bill (HB) 6608, which aims to establish a Sovereign Wealth Fund in the country, was approved in the third and final reading by the Lower House of Congress.

With a vote of 279 in favor, six against and no abstentions, HB 6608 was fully adopted at 7 o’clock last night.

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House Speaker Martin Romualdez presided over the plenary of the House during the vote on HB 6608 or the Maharlika Investment Fund (MIF).

According to Romualdez, 90% or 282 of the total 312 legislators of the House served as co-authors and supported the bill.

Among those who opposed the MIF Bill are Makabayan bloc solons ACT Teachers Rep France Castro, Gabriela Partylist Rep Arlene Brosas and Kabataan Partylist Raoul Manuel as well as 3rd District Camarines Sur Rep Gabriel Bordado Jr and Basilan Rep Mujiv Hataman.

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It is stated in the proposal that funds will be taken from the Land Bank of the Philippines, Development Bank of the Philippines (DBP), Philippine Gaming and Amusement Corp. (PAGCOR) and Bangko Sentral ng Pilipinas (BSP) as MIF contributors.

Congress passes Maharlika Wealth Fund in final reading

The Social Security System and Government Service Insurance Systems will no longer be funded because they are private and government workers’ pension funds.

HB 6608 seeks to mobilize the funds of Government Financial Institutions (GFIs) to use for investment and obtain large revenues, which in turn will be allocated to national programs and projects of the government, such as agriculture, transportation, and electricity.

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Various violations and corruption such as internal auditor collusion, serving as an intermediary in graft and corrupt practices and being involved in any type of corruption will be punishable by imprisonment and a fine of P80,000 to P5 million. Other violations are punishable by 6-20 years in prison and a fine of P1M-P3M.

Aside from the MIF, PBBM also certified as urgent HB 6687, which obliges tertiary education students to undergo the National Citizens Service Training Program (NCSTP), while the Reserve Officers Training Corps (ROTC) is optional.

Added to this is HB 6517, which aims to strengthen professionalism in the Armed Forces of the Philippines (AFP).

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