News Roundup 29 May 2023
May 29, 2023 • 5 min Read
Imee Marcos, Escudero: Passing Maharlika bill shouldn’t be done in haste | INQUIRER.NET – MANILA, Philippines — Senators Imee Marcos and Francis Escudero on Monday said there is a need to first iron out the still-unclear provisions of the Maharlika Investment Fund bill before pushing for its immediate passage.
Sen. Marcos said she is not against the proposed MIF, which has since been certified as urgent by her brother, President Ferdinand Marcos Jr.
She, however, said that there are things about the bill that are “still left in the air.”
Sen. Marcos noted that the Senate has yet to see the final form of the MIF bill with amendments from the Department of Finance and the Senate committee on banks, financial institutions, and currencies.
“Ako – kung saka-sakaling minamadali, hindi ako papayag kasi malaking pera yan. Mababaon ang ating mga anak [sa utang]. At hindi dapat minamadali iyong ganyan,” she told reporters at the Senate.
(For me, I will not allow it to be rushed because it involves a large amount of money. Our children will be buried in debt. And things like this should not be done in haste.)
The lawmaker said she was “nervous” if the MIF bill be passed in its current form. She also sought to clarify how the MIF would be funded.
Full Story at: Imee Marcos, Escudero: Passing Maharlika bill shouldn’t be done in haste | Inquirer News
House committee proposes stiffer penalties for Teves | INQUIRER.NET – MANILA, Philippines — After the suspension of embattled Negros Oriental Representative Arnolfo Teves Jr., the House of Representatives committee on ethics and privileges recommend stiffer penalties on the lawmaker.
Teves has been tagged in the killing of Negros Oriental Gov. Roel Degamo and nine other persons last March.
“The committee on ethics and privileges unanimously decided to recommend to the plenary, the imposition of a stiffer disciplinary action to our colleague, Arnolfo A. Teves, Jr., for violation of the rules of the House of Representatives, particularly Rule 20, Section 142 Substitute A and B of the Code of Conduct and for disorderly behavior,” ethics committee chair and Coop-=Natco party-list Rep. Felimon Espares said.
Espares however, said that they are not at liberty to say what exactly the penalties will be. Neither did he specify the grounds on which the decision was made.
When asked what the following step after suspension was however, ethics panel vice chairperson and Ako Bicol party-list Rep. Raul Bongalon said that it was either expulsion or another punishment decided by the committee.
Full Story at: House committee proposes stiffer penalties for Teves | Inquirer News
Senators want more time to study Maharlika bill | PHILSTAR.COM – MANILA, Philippines — The Senate leadership’s target to pass the Maharlika Investment Fund may be this week before Congress goes on break, but some senators still want more time to study the proposal creating the MIF.
Following the pronouncement of Senate President Juan Miguel Zubiri that they are looking to approve the MIF bill in the coming week, Senate Minority Leader Aquilino Pimentel III appealed yesterday for a rules-based tackling of the proposed measure than merely passing it on the strength of the 22-member majority.
“I am calling on the majority not to decide (on the bill) by sheer number, by a majority advantage to change or relax the rules. Don’t do that. What the rule states, we must follow,” Pimentel, who counts only himself and Sen. Risa Hontiveros in the minority, said in Filipino.
Sen. Sherwin Gatchalian from the majority also wants to take a second look at funding sources and procurement exemptions.
Earlier, Zubiri said: “The plan is to approve it (MIF) by the second and third reading next week. We are accommodating the last few members who want to interpellate on Monday. Then we can open the period of amendments immediately after.”
He added: “As a certified measure, we can close and approve the bill on that same week. Hopefully, the House can adopt our version which we improved with more safeguards in place to avoid possible misuse.”
But Pimentel said the Senate leadership should allow other senators to express their thoughts on the MIF. “Some members of the majority in the Senate have kept their decision close to their chest. Let’s give them time to ask questions and clarify the matter,” he said.
Full Story at: Senators want more time to study Maharlika bill | Philstar.com
Loophole in Maharlika bills let SSS, GSIS invest in fund | PHILSTAR.COM – MANILA, Philippines — The bill passed by the House of Representatives in December 2022 and the bill being debated in the Senate to create the Maharlika Investment Fund allow for the Social Security System and the Government Service Insurance System to invest in the proposed sovereign wealth fund.
While both House Bill 6608 and Senate Bill 2020 prohibit government companies providing social security to Filipinos such as the SSS, GSIS and the Home Development Fund from being requested or required to contribute to the Maharlika fund, there is a loophole in both measures that could let these entities participate in the fund.
In the House bill, this loophole can be found in Section 11, which states that other government financial institutions (GFI) and companies may be allowed to contribute to the Maharlika fund as long as it is approved by their board of directors.
A similar provision can be found in Section 12 of the Senate bill.
Full Story at: Loophole in Maharlika bills let SSS, GSIS invest in fund | Philstar.com
