Maharlika bill now up for Marcos' signature

Metro Manila, June 1 ----- The Maharlika Investment Fund (MIF) bill is now closer to enactment after the House of Representatives officially adopted the Senate version or the latest version of the controversial measure.

With approval from both chambers of Congress, the measure is now up for signing into law by President Ferdinand Marcos Jr., who has repeatedly endorsed the bill and had certified it as urgent.

The Senate and the House passed the MIF bill six months after it was proposed and in time before Congress adjourns sine die on Friday, June 2. In a statement, Albay Rep. Joey Salceda — who also chairs the technical working group on the MIF bill — explained that the House decided to adopt the Senate version so the executive branch can already begin crafting the implementing rules and regulations. Salceda said he expects Marcos to announce his approval of the bill in time for his second State of the Nation Address in July.

Senate President Juan Miguel Zubiri earlier said the House already committed to adopt the Senate version even before the bicameral conference committee – composed of representatives from both chambers – met Wednesday afternoon. "This was at 10:52 a.m. Good morning, HOR accepts it all. Congratulations and thanks for the trust, wonderful news, Sec. Mina Pangandaman of the DBM,” Zubiri read to reporters.

After seven days of plenary discussions, senators swiftly approved its version of the bill early Wednesday morning — agreeing to ban the use of state pension funds as seed money for the proposed sovereign wealth account.

Source: cnnphilippines.com