The proposed Maharlika Investment Fund’s history in the current 19th Congress, particularly in the House of Representatives, has been short but not so simple.
Nov. 29– HB No.6398 is heard by the banks and financial intermediaries panel a day after it was filed. The panel is chaired by Manila 5th district Rep. Irwin Tieng. Under the bill, the seed money for MIF is P250 billion. Dec. 5– Rep. Marcos denies allegations that the MWF was being “railroaded” by the House. The presidential son said the bill went through a process.
Dec. 8– Quimbo, in an impromptu press conference, announces plans of the House leadership to to remove the GSIS and SSS as fund sources for the MWF. The Bangko Sentral ng Pilipinas or Philippine central bank will take their place.Dec. 9– The Committee on Appropriations, chaired by Ako Bicol Party-list Rep. Zaldy Co, approves the funding provision of the MWF, which is now represented by an unnumbered bill.
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