In a 56-page petition for certiorari and prohibition, the petitioners — Bayan Muna chairman Neri Colmenares, and former Bayan Muna Representatives Isagani Zarate and Ferdinand Gaite, and Senate Minority Leader Aquilino "Koko" Pimentel III — challenged the constitutionality of the MIF on three grounds.
The petitioners said the MIF will create a “lasting if not permanent” connection between the BSP and the MIF which will then violate the independence of the BSP as a central money authority. “Certainly under an advisory body and board of directors that are primarily political appointees, the Maharlika Investment Corporation cannot be run without political pressure,” they said.
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