Senate Minority Leader Sen. Koko Pimentel delivered his “Turno en contra” speech this Tuesday concerning the Maharlika Investment Fund (MIF) proposal or Senate Bill 2023 that is now in the plenary.
Here Pimentel detailed why such a proposal should not be passed.
“I have a strong belief that the establishment of the Maharlika Investment Fund is totally unjustified. Forcing it therefore presents significant risks and concerns that cannot be ignored. The MIF bill will have far reaching effects on our economy and the future of our country,” said Pimentel.
Pimentel first addressed why the MIF bill went to the Senate Committee on Banks instead of the Committee on Government Corporation.
Pimentel believes that the Senate should correct this because it is crucial to follow the process of passing a bill.
According to Pimentel, the MIF bill has many good promises, but the truth, he said, is that it will lead the country to many more debts.
“What is most certain in the midst of these uncertainties to be brought about by the creation of the MIF is that the endless road to their promise land will be built with blood, sweat and tears in the form of hard earned taxes paid by every Filipino,” said Pimentel.
Pimentel also inquired whose idea it was to have the Maharlika fund because he said its origin remained a mystery to him.
“Who’s idea was the Maharlika Investment Fund? The origin of the MIF remains a mystery to us, to me. It was never mentioned during the presidential campaign, not in the SONA and not even in the medium term fiscal framework presentation… So the most logical question to us is – Where did this come from?” said Pimentel.
Pimentel highlights ‘mistakes’ in the Maharlika bill
“Is it possible that we are doing this as a favor to a businessman who has access to the ears of the powers that be, whose business or bottom line has been hit by the downturn of the world economy and thus would need a new client? We will hopefully know the identity of this big time influencer in due time,” Pimentel insisted.
That’s why it’s essential to go back to the original bill from Congress and find out whose idea it came from.
Pimentel also wants to clarify where the funds for the MIF’s sovereign wealth fund will be drawn.
Pimentel believes that the government does not have a surplus or excess money to use for investment in the MIF.
He said that the rich countries that first had a SWF, like Norway, Russia and Kuwait, were not like the Philippines, which could invest in it as early as 1953 after discovering their wealth in the oil supply.
Pimentel further reminded Malaysia’s 1MDB that it lost an estimated $4.5 billion.
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