On Wednesday, Senate President Juan Miguel Zubiri signed the final version of the Maharlika Investment Fund (MIF) bill.
The senator signed the MIF bill at the Philippine Embassy in Washington, where he is on an official visit to meet with members of Congress and other agencies.
Senate Secretary Renato Bantug Jr., according to Zubiri, brought a copy of the law to Washington together with the Estate Tax Amnesty Extension bill.
“The Maharlika bill is a priority measure, and the Estate Tax Amnesty Extension is very time-sensitive. Marami nang naghihintay sa mga bills na ito. Fortunately, the [bills] were already prepared by the time Secretary Bantug was set to join us in Washington,” Zubiri said.
“He was able to bring them along with him, instead of letting them sit in the Senate waiting for my return, and I was able to sign them on Philippine soil, here in the embassy,” he added.
Following Zubiri’s signature, the Senate president stated that the Estate Tax Amnesty Extension Act would be forwarded to Malacanang, while the MIF bill will be sent to the House of Representatives for Speaker Ferdinand Martin Romualdez’s signature.
Zubiri signs final copy of Maharlika bill
When asked how the Senate handled the MIF bill’s twin provisions on the prescriptive period, Zubiri stated, “I believe the corrections were thoroughly discussed by the majority bloc in our Viber group, including the correction sent by Senator Mark Villar.”
The Senate version of the measure, subsequently passed by the House, featured two sections on the prescriptive period.
The draft bill voted on the Senate floor specifies a 10-year prescriptive period for crimes punished by the act, whereas another section of the bill specifies a 20-year prescriptive time.
Several senators, notably Senate Minority Leader Aquilino “Koko” Pimentel III, Senator Francis Escudero, and Senator Risa Hontiveros believe the bill should be returned to the Senate plenary so lawmakers can alter it.
On May 31, 2023, the Senate passed the MIF bill on its third and final reading. The MIF aims to establish a sovereign wealth fund into which the government can invest.
The bill received support from 19 senators.
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