Malacañang presses urgency on

Senate for Maharlika Wealth Fund

On the 22nd of May 2023, a letter from the Malacañang addressed to the Senate
was sent, stating the urgency of expediting the creation of Maharlika Investment Fund in
which the Finance Secretary Benjamin Diokno welcomed in return, “we welcome the
certification of urgency of the Maharlika Investment Fund bill” adding, “this is the best
possible time to establish the fund." Along with 4 other urgent bills to pass including, Trabaho
Para sa Bayan Act, the Regional Specialty Centers Act, and the Estate Tax Amnesty Act.

One the other hand, at this time around, only senator Sherwin Gatchalian and Francis
Escudero dared to question the aforementioned bill. “The idea is wrong. Everything that is
being done to have it is also wrong,” to conclude the opposing side for the bill is as stated.
Noting on the side from Zubiri, “I am proud to say that the Senate has performed very well for
the First Regular Session.” On June 2, the opposing side is known to convince senators to
turn against the approval of Maharlika Investment Fund (MIF). The House of Representatives
submitted their very own version of the bill while Pimentel adding, “but this Maharlika bill is
really a bad idea. It will not bring our country benefits, but pure misery.” Even questioning the
state of urgency of the said bill by stating, “we urge our colleagues not to obey the
certification because this is contrary to the constitution, which mandates that a bill may be
certified as urgent if it seeks to address a national emergency or a calamity.” Reiterating their
position that “[the MIF] is not a sovereign wealth fund because the country does not have
surplus wealth that it sets aside for future generations, neither can it be claimed as a state
investment fund because of the presence of private interest.”

Concluding that the urgency expressed by the majority remains robust while the
opposing continues to vigorously show polarity of support.