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Advocates Philippines
Bayan Muna Assails Maharlika Investment Fund's Transparency
Photo credit: Neri Colmenares
Bayan Muna chairman Neri Colmenares has criticized the Marcos administration's proposed Maharlika Investment Fund (MIF), stating that it cannot be deemed "acceptable" until it has been finalized and gone through proper legislative procedures. Colmenares expressed his dismay over Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla's recent statement that the MIF was "more acceptable" because it would not affect the country's foreign exchange reserves and would be subject to safety nets to ensure quality investments.
Colmenares stated that there was a lack of transparency in the process, as the bill was rushed and did not follow proper procedures, leading to a lack of accountability to the Filipino people. He added that the bill needs to be returned to the House of Representatives for amendments, based on Malacanang's certification of urgency.
According to Colmenares, the bill was certified as urgent by the president, despite the lack of an emergency or calamity. He pointed out that the constitution states that presidential certification of urgency must only be exercised in a clearly exceptional situation of public emergency or calamity that requires immediate enactment of a law. He also noted that the constitution requires an "immediate enactment" to meet a public emergency or calamity, which must be passed after three readings in three separate days.
Colmenares criticized the rushed voting on the bill, which deprived House members of the opportunity to scrutinize the bill and ensure that it contained all the provisions amended and agreed upon in the Second Reading.
He stated that this short cut may be considered in cases of "public emergency or calamity," but a final copy of the bill being voted on is still required by the Constitution.
Colmenares emphasized that the bill needs to go through proper legislative procedures before it can be deemed "acceptable," and that the final version of the Maharlika Investment Fund bill needs to be made available for review. He urged the Marcos administration to respect the Constitution and follow proper procedures in the approval of the measure.
Colmenares stated that there was a lack of transparency in the process, as the bill was rushed and did not follow proper procedures, leading to a lack of accountability to the Filipino people. He added that the bill needs to be returned to the House of Representatives for amendments, based on Malacanang's certification of urgency.
According to Colmenares, the bill was certified as urgent by the president, despite the lack of an emergency or calamity. He pointed out that the constitution states that presidential certification of urgency must only be exercised in a clearly exceptional situation of public emergency or calamity that requires immediate enactment of a law. He also noted that the constitution requires an "immediate enactment" to meet a public emergency or calamity, which must be passed after three readings in three separate days.
Colmenares criticized the rushed voting on the bill, which deprived House members of the opportunity to scrutinize the bill and ensure that it contained all the provisions amended and agreed upon in the Second Reading.
He stated that this short cut may be considered in cases of "public emergency or calamity," but a final copy of the bill being voted on is still required by the Constitution.
Colmenares emphasized that the bill needs to go through proper legislative procedures before it can be deemed "acceptable," and that the final version of the Maharlika Investment Fund bill needs to be made available for review. He urged the Marcos administration to respect the Constitution and follow proper procedures in the approval of the measure.
Feb 28, 2023
