MANILA — The Senate leadership’s target to pass the Maharlika Investment Fund may be this week before Congress goes on break, but some senators still want more time to study the proposal creating the MIF.
Following the pronouncement of Senate President Juan Miguel Zubiri that they are looking to approve the MIF bill in the coming week, Senate Minority Leader Aquilino Pimentel III appealed yesterday for a rules-based tackling of the proposed measure than merely passing it on the strength of the 22-member majority.
“I am calling on the majority not to decide (on the bill) by sheer number, by a majority advantage to change or relax the rules. Don’t do that. What the rule states, we must follow,” Pimentel, who counts only himself and Sen. Risa Hontiveros in the minority, said in Filipino.
Sen. Sherwin Gatchalian from the majority also wants to take a second look at funding sources and procurement exemptions.
Earlier, Zubiri said: “The plan is to approve it (MIF) by the second and third reading next week. We are accommodating the last few members who want to interpellate on Monday. Then we can open the period of amendments immediately after.”
He added: “As a certified measure, we can close and approve the bill on that same week. Hopefully, the House can adopt our version which we improved with more safeguards in place to avoid possible misuse.”
But Pimentel said the Senate leadership should allow other senators to express their thoughts on the MIF. “Some members of the majority in the Senate have kept their decision close to their chest. Let’s give them time to ask questions and clarify the matter,” he said.
The senator said Zubiri’s remarks put additional pressure on their colleagues in the majority to pass the MIF bill before Congress goes on break.
“Why?” Pimentel said, questioning all the hurry. “The future of the nation is in peril just because some people want it mentioned in an event (the President’s State of the Nation Address in July). That’s a wrong argument.”
For his part, Gatchalian said the Senate version is much better than the original draft of the bill as many senators contributed safeguards to protect the funds invested in the MIF.
However, Gatchalian said further study should be made as the money from the Bangko Sentral ng Pilipinas, Land Bank of the Philippines and Development Bank of the Philippines is not just for Maharlika but for the Filipino people.
He noted that one of the four amendments he introduced in the Senate version of the bill removes exemption of the MIF from the Government Procurement Act, which ensures transparency and the five pillars of procurement: price, quality, delivery, timeliness and satisfaction.
“Whatever they buy, there is no bidding. That’s scary (because) they might buy expensive cars for themselves that we don’t know,” Gatchalian, speaking in Filipino, said of the original version of the bill that exempted the MIF from laws on government procurement.
Like Gatchalian, Pimentel noted the need to study further the proposal to create MIF, which he described to be a “super” government-owned and controlled corporation.
“As Sen. Gatchalian, who belongs to the majority said, he still needs time to study [the bill]. That’s right. It’s procedurally wrong to rush it because there are so many concepts affected when it is created — ones that affect even my grandchildren’s children,” he said.
He said the Norway Sovereign Fund, after which the MIF is being patterned, was well-crafted and good because Norwegians talked for 12 years to finalize it.
“The discussion of MIF was just 12 days. I am not saying that we have to wait for another 12 years before we pass the MIF, maybe just 12 weeks. The discussion is hastily done,” Pimentel stressed.
Pimentel, who has been opposed to the MIF from the very beginning, said its proponents have already introduced several amendments or safeguards, but they still confuse him.
“What’s scary is that Maharlika will virtually replace Congress when it comes to making decisions on the mega infrastructure project and can even borrow,” he said.
“Maharlika will decide, taking over the jobs of 315 elected members of the House of Representatives and 24 members of the Senate. They will be replaced by nine people, who were not yet known or appointed and will discuss the matter within closed doors,” he added.
