Senate Minority Leader Aquilino Pimentel III on Sunday described President Ferdinand Marcos Jr.’s plan to promote the Maharlika Investment Fund (MIF) at the World Economic Forum meeting in Davos, Switzerland this week as a ploy to push the Senate into approving the bill for its creation.
The President’s allies in the House of Representatives have already approved the MIF, over the misgivings of business groups and academics.
Pimentel said the “soft launch” of the Maharlika Fund in Davos was more than a marketing strategy.
“It’s a move to tie the hands of Congress, particularly the Senate, on the controversial measure,” he said in a statement on Sunday.
The opposition leader is also worried that “the move would only put pressure on the Senate to enact the measure swiftly” at the expense of more pressing legislation.
Department of Foreign Affairs (DFA) Undersecretary Carlos Sorreta earlier said Marcos will make a “soft launch” of the Philippines’ proposed sovereign wealth fund (SWF), which is crucial in boosting the Philippine investments and economic growth.
The House of Representatives on Dec. 15 approved on the third and final reading House Bill 6608 or the MIF bill after being certified as urgent by the President.
Under the proposed measure, the MIF will be financed through pooled funds from state-owned financial institutions and state pension funds.