The newly-enacted Maharlika Investment Fund law will pass muster at the Supreme Court should critics of the measure decide to question its constitutionality, Senate President Juan Miguel Zubiri said Tuesday.
Zubiri expressed confidence the SC will dismiss any petition questioning the legality and constitutionality of the controversial measure.
“It is beyond us to pass a law that we feel is unconstitutional. It would mean that we did a poor job and a bad job in passing these laws,” he said. “It is safe to say, in my opinion, that the Maharlika Investment Fund can withstand the scrutiny of the Supreme Court.”
House Speaker Martin Romualdez said the MIF is an ideal investment vehicle that is “not only beneficial but necessary” given that “we are still a growing economy.” He explained that the cost of debt has risen, thus the need to explore other vehicles to attract equity financing.
“Certainly, there will be more interest once the MIF is officially launched. These investments will mean more development projects in various parts of the country, more jobs and livelihood for Filipinos, and a better future for generations to come,” he said.
P19T on tap
Albay Representative Joey Salceda pointed out that the Philippines has P19 trillion in investible funds in the banking system that “needs to go somewhere productive in order to contribute to the economy.”
The MIF is the vehicle to do that for the Land Bank of the Philippines and Development Bank of the Philippines, which would provide P75 billion of the MIF’s capitalization this year alone, Salceda averred.
“We also have some of the largest conglomerates in Southeast Asia and they are cash cows. Our total corporate sector generated P9.03 trillion in 2023. They have gross savings of P5.7 trillion,” he noted.
“So, basically, they don’t have anywhere to put 63 percent of all the money our corporations make,” Salceda said, citing figures from the Philippine Statistics Authority’s Income and Outlay Accounts.
Meanwhile, militants gathered on Mendiola to decry the MIF signing, a few blocks from Malacañang. The Kabataan Partylist issued a statement saying the P500-billion MIF capitalization would be better spent on education, health, and agriculture.