Senators have made major alterations in Senate Bill No. (SBN) 2020 or the Maharlika Investment Fund (MIF) Act of 2023 to address issues and concerns raised over the measure.
“We have made important changes brought about by the committee hearings, public consultations, and technical working groups,” Senator Mark Villar, chairperson of the Committee on Banks, Financial Institutions and Currencies, said in a statement.
Among the changes introduced in the bill was meant to allow the proposed Maharlika Investment Corp. to issue bonds, as well as provisions detailing the authorized and subscribed capital stocks to be generated.
The amendments also involved limitations in real estate investments specifically major capital projects as endorsed by the National Economic and Development Authority (NEDA) Board to ensure that these are in line with the socio-economic development programs of the government.
Other changes included new provisions with the forms of joint ventures and co-investments on the issuance of bonds, and the reduction of the composition of the board of directors from 15 to just nine.
The provisions on tax exemptions and exemption from the salary standardization law were also deleted.
Up for interpellation when the Senate resumes in May, Villar gave assurance that the MIF bill could stand further scrutiny.
“We are ready to shed light on the matter and make necessary amendments to further enhance the proposed legislative measure. At the end of the day, we all want a bill that is responsive to the needs of the Filipino people,” Villar said.
Senator Francis Escudero also confirmed over the weekend that he already signed the committee report with major amendments, noting that this new version of MIF Bill has better chances of approval by the Senate.
“As I stated from the beginning when we started to review the original bill filed by Senator Villar, we will provide a better version. I said then that the Senate counterpart will not be in the same shape, size, color or form because, as it was passed in the House (of Representatives), it clearly will not pass the Senate,” Escudero said on Saturday.