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Advocates Philippines
'Proper Safeguards Needed For Maharlika Investment Fund' - Senator Alan Peter Cayetano
Sen. Alan Cayetano. Photo courtesy of Senate PH
Senator Alan Peter "Compañero" Cayetano emphasized the need for proper safeguards on the Maharlika Investment Fund (MIF) to ensure the fund's success and effective utilization for the benefit of the Filipino people.
The MIF bill was discussed at the bicameral conference committee on Wednesday after the Senate approved it on third reading past midnight.
During the discussions on the bill, Cayetano highlighted the pressing priorities that require immediate attention, such as education, agriculture, infrastructure, and health. He suggested allocating the initial P500 billion seed capital of the MIF to address these critical needs. However, Cayetano also emphasized the importance of making the MIF successful and introducing reforms in the 2024 national budget.
Citing data from the Philippine Statistics Authority, Cayetano pointed out that a significant number of Filipinos lack access to healthcare facilities, and many barangays still lack primary health units. He stressed the need to align the priorities of the fund with these immediate concerns.
Cayetano acknowledged that the MIF, like any sovereign fund, can be neither good nor evil. He emphasized the Senate's duty to pass a law that includes proper safeguards to prevent abuse and ensure that public funds are utilized for the public good.
In another development related to the MIF, Senator Robinhood "Robin" C. Padilla proposed a Filipino translation of the measure and its related documents. Padilla, an advocate for the use of the Filipino language as an official medium of communication, highlighted the importance of ensuring that ordinary Filipinos understand the provisions of the proposed Maharlika Investment Fund Act. Senator Mark Villar, the bill's sponsor, accepted Padilla's proposal, aiming to make the information more accessible to the public.
Moreover, Senator Grace Poe assured the public that the bill passed by the Senate includes adequate safeguards to ensure effective and transparent governance of the funds. The bill specifies that the wealth fund will not touch the people's pension money and social benefits. Additional measures, such as a fidelity bond for board members, increased penalties for graft, and strengthened congressional oversight, have been incorporated into the bill to protect the fund and promote accountability.
The approved bill places a premium on the public's right to information, granting access to investment plans and audit documents related to the MIF.
The MIF bill was discussed at the bicameral conference committee on Wednesday after the Senate approved it on third reading past midnight.
During the discussions on the bill, Cayetano highlighted the pressing priorities that require immediate attention, such as education, agriculture, infrastructure, and health. He suggested allocating the initial P500 billion seed capital of the MIF to address these critical needs. However, Cayetano also emphasized the importance of making the MIF successful and introducing reforms in the 2024 national budget.
Citing data from the Philippine Statistics Authority, Cayetano pointed out that a significant number of Filipinos lack access to healthcare facilities, and many barangays still lack primary health units. He stressed the need to align the priorities of the fund with these immediate concerns.
Cayetano acknowledged that the MIF, like any sovereign fund, can be neither good nor evil. He emphasized the Senate's duty to pass a law that includes proper safeguards to prevent abuse and ensure that public funds are utilized for the public good.
In another development related to the MIF, Senator Robinhood "Robin" C. Padilla proposed a Filipino translation of the measure and its related documents. Padilla, an advocate for the use of the Filipino language as an official medium of communication, highlighted the importance of ensuring that ordinary Filipinos understand the provisions of the proposed Maharlika Investment Fund Act. Senator Mark Villar, the bill's sponsor, accepted Padilla's proposal, aiming to make the information more accessible to the public.
Moreover, Senator Grace Poe assured the public that the bill passed by the Senate includes adequate safeguards to ensure effective and transparent governance of the funds. The bill specifies that the wealth fund will not touch the people's pension money and social benefits. Additional measures, such as a fidelity bond for board members, increased penalties for graft, and strengthened congressional oversight, have been incorporated into the bill to protect the fund and promote accountability.
The approved bill places a premium on the public's right to information, granting access to investment plans and audit documents related to the MIF.
May 31, 2023
