Contradictory
“Didn’t all the prohibitions and the lifting of exemptions kill the raison d’etre of the fund? So why did they create a fund which they also disembodied?” he added.Pimentel further argued that the MIF’s source of capitalization was spelled out in a contradictory provision in SB 2020.
“By returning [the bill] to Congress, [we can] resolve conflicting provisions and add more safeguards to protect the funds and foster transparency and accountability,” Pimentel said. “The remedy against an unwise or improvident law is to seek its amendment or repeal by the legislature itself,” said the congressman, one of six House members who voted against the bill.
“The projected P500 billion funding for the MIF could be put to better use as budgetary support to finance … basic socioeconomic services and infrastructure development,” Lagman said.Sen. Mark Villar, principal sponsor of the Senate measure, said the chamber was able to address all legal issues and other concerns raised by critics, including questions regarding the authority of the MIC.
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