NATIONAL
Advocates Philippines
Constitutionality Of Maharlika Investment Fund Act Challenged In Supreme Court
Photo credit: Neri Colmenares
Lawyer Kaloi Zarate, Senate Minority Leader Koko Pimentel, and former Bayan Muna Representatives Neri Colmenares and Ferdie Gaite have filed a petition with the Supreme Court to challenge the constitutionality of the recently enacted Maharlika Investment Fund Act of 2023 (Republic Act 11954). The petition, which includes an urgent prayer for the issuance of a Temporary Restraining Order (TRO) and/or Writ of Preliminary Injunction and/or Status Quo Ante Order, argues that the law was passed with grave abuse of discretion and is detrimental to the country.
The petition, shared Zarate on his Facebook page, marks an unprecedented legal challenge to the Maharlika Investment Fund Act, which has sparked controversy and concerns since its passage. The law, which was swiftly approved by the Marcos Jr. administration, has faced resistance from experts, lawmakers, and the Filipino public.
The petitioners contend that the Maharlika Investment Fund Act violates the Constitution on several grounds. They argue that the presidential certification of urgency, which expedited the law's approval, lacks a valid basis. Additionally, they assert that changes were made to the bill's contents after Congress had already approved it on the third reading, a move they believe undermines the legislative process.
One of the primary concerns raised in the petition is the alleged infringement on the independence of the Bangko Sentral ng Pilipinas (BSP) by involving it in funding the investment vehicle. In the context of rising inflation and foreign debt, the petitioners argue that the BSP should not be entangled in financing Maharlika. They further claim that Maharlika is not independent from Malacañang, making it susceptible to corruption and cronyism.
Colmenares expressed his reservations about the Maharlika Investment Fund Act, calling it a "disaster waiting to happen." He emphasized that this legal challenge aims to protect the interests of the Filipino people and ensure that the law is scrutinized for its constitutionality.
The petition, shared Zarate on his Facebook page, marks an unprecedented legal challenge to the Maharlika Investment Fund Act, which has sparked controversy and concerns since its passage. The law, which was swiftly approved by the Marcos Jr. administration, has faced resistance from experts, lawmakers, and the Filipino public.
The petitioners contend that the Maharlika Investment Fund Act violates the Constitution on several grounds. They argue that the presidential certification of urgency, which expedited the law's approval, lacks a valid basis. Additionally, they assert that changes were made to the bill's contents after Congress had already approved it on the third reading, a move they believe undermines the legislative process.
One of the primary concerns raised in the petition is the alleged infringement on the independence of the Bangko Sentral ng Pilipinas (BSP) by involving it in funding the investment vehicle. In the context of rising inflation and foreign debt, the petitioners argue that the BSP should not be entangled in financing Maharlika. They further claim that Maharlika is not independent from Malacañang, making it susceptible to corruption and cronyism.
Colmenares expressed his reservations about the Maharlika Investment Fund Act, calling it a "disaster waiting to happen." He emphasized that this legal challenge aims to protect the interests of the Filipino people and ensure that the law is scrutinized for its constitutionality.
Sep 19, 2023
