Maharlika fund

Maharlika Fund, mandatory ROTC and NSTP tagged LEDAC-adopted bills under Marcos

Bea Cupin

This is AI generated summarization, which may have errors. For context, always refer to the full article.

Maharlika Fund, mandatory ROTC and NSTP tagged LEDAC-adopted bills under Marcos

Presidential Comminications Office

Congressional leaders also commit to ratifying the Regional Comprehensive Economic Partnership free trade deal between the ASEAN members and partners Australia, China, Japan, New Zealand, and the Republic of Korea

MANILA, Philippines – The push for a sovereign wealth fund and the return of mandatory military training for the youth were among the first measures endorsed by the Legislative-Executive Development Advisory Council (LEDAC) under President Ferdinand Marcos Jr.

According to a release from the Palace, the LEDAC’s executive committee met for the first time on Monday, February 13. The meeting was presided over by Executive Secretary Lucas Bersamin and attended by Cabinet officials and top leaders from the Congress.

The priority bills, said the Palace, “were adopted for passage” by both chambers of Congress by June 2, or the sine die adjournment of the 19th Congress’ first regular session. The LEDAC is a consultative and advisory body to the President “on certain programs and policies essential to the realization of the goals of the national economy.” Ideally, it is also where “high level policy discussions on vital issues and concerns affecting national development” take place.

The ten priority bills identified were:

  1. Amendments to the Build-Operate-Transfer (BOT) Law/Public-Private Partnership (PPP) bill
  2. Medical Reserve Corps
  3. Philippine Center for Disease Prevention and Control and reation of the Virology Institute of the Philippines
  4. Mandatory Reserve Officers Training Corps (ROTC) and National Service Training Program (NSTP)
  5. Condonation of Unpaid Amortization and Interests of Loans of Agrarian Reform Beneficiaries (ARBs)
  6. Internet Transactions Act/E-Commerce Law
  7. Maharlika bill
  8. Attrition law
  9. AFP Fixed Term 
  10. Salt Industry Development Bill

Of the ten, five were listed in Marcos’ priority measures during his first State of the Nation Address (SONA).

The Maharlika bill is among those not mentioned in his SONA, although the measure has been pushed and promoted aggressively by Marcos and his allies from the supermajority-dominated Congress.   

Legislators also promised to push for the ratification of the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement between the 10 member states of the Association of Southeast Asian Nations (ASEAN) and its five partners: Australia, China, Japan, New Zealand, and the Republic of Korea.

Of the ASEAN members, only the Philippines has not ratified the RCEP.

Attendees of the meeting included Senate President Juan Miguel F. Zubiri, House Speaker Ferdinand Martin G. Romualdez, Socioeconomic Planning Secretary Arsenio M. Balisacan, Assistant to the President Secretary Antonio Lagdameo Jr., Department of Budget and Management Secretary Amenah F. Pangandaman, Department of Trade and Industry Secretary Alfredo E. Pascual, Department of Environment and Natural Resources Secretary Maria Antonia Yulo Loyzaga, Department of Agriculture Senior Undersecretary Domingo F. Panganiban, Presidential Legislative Liaison Office Secretary Mark Llandro L. Mendoza, Department of Finance Assistant Secretary Valery Brio, and Department of the Interior and Local Government Undersecretary Juan Victor Llamas.

Zubiri and Romualdez were also joined by Senate Majority Leader Joel Villanueva, the President’s son Representative Sandro Marcos, Senate President Pro Tempore Loren Legarda, Senator Sonny Angara, Deputy Speaker Ralph G. Recto, Majority Leader Manuel Jose M. Dalipe, Minority Leader Marcelino C. Libanan, and Representative Stella Luz A. Quimbo. –  

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Download the Rappler App!
Avatar photo


Bea Cupin

Bea is a senior multimedia reporter who covers national politics. She's been a journalist since 2011 and has written about Congress, the national police, and the Liberal Party for Rappler.