House approves Maharlika Investment Fund bill


Photo source: Philippine Daily Inquirer

With votes 279-6, the House of Representatives swiftly approved last December 15 the bill that seeks to create the controversial Maharlika Investment Fund following President Ferdinand Marcos Jr. certification for it as urgent.

The six representatives who voted against the measure were Reps. Gabriel Bordado (Camarines Sur, 3rd District), Arlene Brosas (Gabriela party-list), France Castro (ACT Teachers party-list), Mujiv Hataman (Basilan), Edcel Lagman (Albay, 1st District) and Raoul Manuel (Kabataan party-list)

The bill seeking to establish the Maharlika Investment Fund (MIF) – a sovereign wealth fund (SWF) that the government can use to make investments – was approved on December 15 on the third and final reading at the House of Representatives.

Despite opposition from various sectors and reservations from some legislators that the creation of the MIF or SWF is not the right time for the country, the House’s approval of the controversial measure took place.