Senate votes to pass bill creating controversial Maharlika Investment Fund

The Senate explicitly banned investments in the proposed MIF from the Social Security System, Government Service Insurance System, Philippine Health Insurance Corp., Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office.

Sen. Sherwin Gatchalian sought to remove Bangko Sentral ng Pilipinas dividends as funding sources for the proposed MIF during the first two years after its creation. The Senate-approved MIF proposal imposes heavier penalties for anomalous activities concerning the MIF.Sen. Robin Padilla also urged to make available all documents relating to the MIF and Maharlika Investment Corp. in both English and Filipino. He argued that dissenters of the controversial measure might not be able to understand what the bill would intend to do.

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