The Senate has approved Senate Bill No. 2020, or the proposed Maharlika Investment Fund on third and final reading.
During Tuesday’s plenary session which ran until early Wednesday, senators unanimously approved the measure shortly after it was approved on second reading.
A total of 19 senators voted in favor of the passage of the Maharlika bill, while only one senator voted against it, and one abstained.
Senate Deputy Minority Leader Risa Hontiveros objected to the measure while Senator Nancy Binay abstained from voting.
During the period of individual amendments, senators introduced several amendments to the proposed Maharlika Investment Fund, including the ban on government financial institutions such as Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation, OWWA Fund, Philippine Veterans Affairs Pension Fund, Office Pension Fund, and other government social welfare entities from investing in the proposed Maharlika Investment Fund.
The amendment, which was introduced by Senator Raffy Tulfo, was accepted by Senator Mark Villar, the principal author, and sponsor of the measure.
With the approval of the measure in the chamber, the Maharlika Investment Fund bill is now an inch closer to its ratification and enrolment for the President’s signature.
Senate President Juan Miguel “Migz” Zubiri designated Senators Villar, Pia Cayetano, Ronald “Bato” Dela Rosa, Francis Tolentino, and Senate Minority Leader Aquilino “Koko” Pimentel III as Senate contingents for the bicameral conference committee.
Contingents from both House of Representatives and Senate are to convene at 11 a.m. Wednesday to reconcile the disagreeing provisions in their respective versions of the proposed Maharlika Investment Fund bill.