Zubiri: MIF Act made to withstand SC scrutiny

Senate President Juan Miguel Zubiri expressed confidence on Tuesday that the Maharlika Investment Fund [MIF], a newly signed law, can survive if ever scrutinized by the Supreme Court (SC). This is after some groups are allegedly planning to challenge MIF law’s constitutionality before the high tribunal. “All the laws that we have passed in the Senate and the House of Representatives, we always make sure that it will stand the test of scrutiny by the Supreme Court. It is beyond us to pass a law that we feel is unconstitutional. Ibig sabihin niyan [It means], we did a poor job and a bad job in passing these laws,” Zubiri said in a press conference. “So, it’s safe to say in my opinion, the Maharlika Investment Fund can withstand scrutiny of the Supreme Court on this particular issue,” he added. In a previous statement, Senate Minority Leader Aquilino Pimentel III and Senate Deputy Minority Leader Senator Risa Hontiveros expressed their willingness to support any action to bring their constitutional concerns on the MIF Act into the SC. Safeguards Zubiri, who was present at the signing of the MIF Act, said he was delighted to hear that President Ferdinand R. Marcos Jr. mentioned the safeguards put into the law by Congress, especially the Senate. “I’m very proud that tayo dito sa Senado ay nakalagay ng napakaraming pahinang (us here in the Senate were able to put so many pages of) safeguards when it comes to the selection of the leadership of the Maharlika Investment Fund up to the two-pages of penalties for the misuse of the Fund. So, we’re very proud of our version,” he said. The economic managers see the MIF as a reinforcement of the Marcos administration’s economic goals under the Medium-Term Fiscal Framework and the 8-point Socioeconomic Agenda, which has the full backing of Congress. Prioritizing economic recovery Senator Mark Villar, who sponsored the MIF Act, said its passage into law demonstrates President Marcos’ priority for the country’s economic recovery. “Through this we will be able to generate more jobs for the Filipino people and provide appropriate funding in sectors left behind such as agriculture, energy, health, information technology and infrastructure.’ Villar said in a statement. ‘The MIF is a historic legislation. We are now at par with other countries who also have their own sovereign wealth fund,’ he added assuring his full support for the Marcos administration’s goal in uplifting the livelihood of all Filipinos.

Source: Philippines News Agency