MANILA, Philippines – President Ferdinand Marcos Jr. has certified as urgent the Senate bill creating the controversial Maharlika Investment Fund. 

This was read out by Senate Secretary Renato Bantug Jr. on Wednesday, May 24, at the beginning of the session as part of the reference of business. 

“Pursuant to the provisions of Article VI, Section 26 (2) of the 1987 Constitution, I herby certify to the necessity of the immediate enactment of Senate Bill No. 2020,” the letter read. 

In certifying the bill as urgent, the President cited the “downgrade of the global growth projection this year on account of debilitating inflation, fluctuating and unstable prices of crude oil and other fuels due to the protracted conflict between Ukraine and Russia, and continuing interest hikes in the international financial sector.”

Because of all these factors, he said, “there is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development.”

Here's a copy of the letter indicating Marcos certification of the Senate version of the bill. @rapplerdotcom pic.twitter.com/yHm8XrAJIq

— Bonz Magsambol (@bnzmagsambol) May 24, 2023

Senate Bill 2020 or the Maharlika Investment Fund bill is under the period of interpellation. In December 2022, Marcos also certified as urgent the House version of the Maharlika bill, which paved the way for its passage on second and third reading on the same day.

The proposed Maharlika fund  has sparked public outcry from pensioners, and faced a legal challenge before the Supreme Court. Being one of President Ferdinand Marcos Jr.’s priority measures, the controversial bill may be passed before the end of May, according to Senate President Juan Miguel Zubiri.

The Senate version of the bill provides that bonds issued under the proposed measure would not be guaranteed by the government – a safeguard pitched by Senator Mark Villar, to prevent a repeat of Malaysia’s multibillion-dollar 1MDB scandal.

Villar, who is the sponsor of the Senate bill establishing the sovereign wealth fund, said that any bonds or debt instruments issued by the Maharlika Investment Corporation (MIC) would be secured by its own assets. 

– Rappler.com