Senate minority: No Maharlika fund to soft launch while bill still pending

"The bill establishing such a sovereign wealth fund has not yet been deliberated at the Senate — isn't it jumping the gun to be talking about it in front of world economic leaders?," Sen. Risa Hontiveros said Monday......»»

Category: newsSource: philstar philstarJan 16th, 2023

Senate minority fails to pry Maharlika fund from Mark Villar s committee

The chairperson of the primary committee where a bill is referred to schedules hearings, calls resource persons and drafts committee reports......»»

Category: newsSource:  philstarRelated NewsJan 25th, 2023

Lawmaker seeks OFW sovereign fund

A sovereign wealth fund for overseas Filipino workers is what a lawmaker wants to set up even as controversy surrounds the bill proposing the Maharlika Investment Fund that has yet to hurdle the Senate......»»

Category: newsSource:  philstarRelated NewsJan 28th, 2023

Senate to study Maharlika fund as minority warns against rush

Senators said they will “definitely be studying” the controversial Maharlika Investment Fund after President Marcos certified it as urgent......»»

Category: financeSource:  philstarRelated NewsDec 16th, 2022

Lacson frowns at ‘pork hunter’ tag

Sen. Panfilo M. Lacson, a staunch anti-pork barrel advocate, does not like the name ‘’pork hunter’’ ascribed to him. Senator Panfilo M. Lacson (SENATE OF THE PHILIPPINES / MANILA BULLETIN FILE PHOTO) ‘’I don’t like it. I’m just doing my job,’’ Lacson said as he disagreed with Senate President Vicente C. Sotto III who had presumed ‘’regularity’’ on the “institutional amendments’’ by the House of Representatives (HoR) on the proposed 2021 General Appropriations Bill (GAB or national budget) after the House recently passed the measure on third and final reading. Lacson and Senate Minority Leader Franklin M. Drilon had cited some P326 billion ‘’lump sum’’ appropriations tucked in the proposed P666-billion budget of the Department of Public Works and Highways (DPWH). Both cited a Supreme Court decision that lump sum appropriations are unconstitutional. Lump sum appropriations are suspected as ‘’pork barrel’’ appropriations. Lacson has been on the prowl every budget season, picking out suspected pork barrel appropriations in the GAB. The Senate is expected to receive from the House a soft copy of the budget on Oct. 28. Asked during an ANC interview if he believes a statement of Speaker Lord Allan Velasco that there is no pork in the GAB, only institutional amendments, Lacson replied: ‘’We have yet to see the transmitted copy of the GAB as approved on third and final reading, as transmitted to the Senate.’’ ‘’Until we see that, we cannot really tell or say if there’s pork or not in the House of Representatives version of the budget.’’ On a query whether amending budget after third and final reading is unconstitutional, Lacson said: ‘’That is clearly unconstitutional.’’ ‘’It’s very clear, there’s no other interpretation in that provision under the Constitution that after the third and final reading of any bill, including the GAB, no amendment shall be allowed thereto,’’ he said. ‘’I don’t see any other interpretation of that particular provision. So since they already passed on third reading the HoR version of the GAB, I see no reason why they will allow a small committee to introduce further amendments. Based on what I heard from Rep. Eric Yap, the Appropriations committee chairman, he said the amendments will not be coming from the congressmen but from the agencies,’’ he stated. ‘’Again, that’s another violation. We have a four-phase budget process. Budget preparation, authorization, execution, and accountability. We are now in the authorization phase. And only the Congress of the Philippines is allowed to participate in the authorization phase. Tapos na ang sa (the) Executive department (has completed its job in the) preparation phase. Ang execution, after napirmahan ng Presidente ang enrolled bill and when DBM starts disbursing allocations, doon mag-start ang execution. So agencies under the Executive branch cannot be allowed to participate in the authorization phase of the budget process. Sotto had said that he would presume regularity after the House made institutional amendments worth P20 billion, including P5.5 billion, for COVID-19 vaccines. Lacson stressed that amendments to the budget by the House small committee is unconstitutional. ‘’To say there’s presumption of regularity, I think it’s misplaced. If that is the output of the small committee and they will include these amendments in the USB drive they will transmit to us on Oct. 28, then we cannot presume regularity, with all due respect to my Senate President…because if it is based on an unconstitutional act, I cannot presume regularity,’’ he added......»»

Category: newsSource: NewsOct 22nd, 2020

Senators back call to drop ROTC bill after hazing death

Several senators on Friday voiced support for calls to drop the proposed revival of the mandatory Reserve Officers’ Training Corps (ROTC) following the hazing death of Adamson University student John Matthew Salilig, after undergoing the “welcoming rites” of the Tau Gamma Phi fraternity. “Scrap the bill making ROTC mandatory,” Senate Minority Leader Aquilino Pimentel III […] The post Senators back call to drop ROTC bill after hazing death appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsMar 5th, 2023

‘Maharlika to have 6 to 11% yield in 10 years’

The Senate committee on banks and financial institutions wrapped up yesterday its hearings on the proposal to put up a Maharlika Investment Fund that economic managers said can have an average yield of anywhere between six percent and 11 percent in 10 years......»»

Category: newsSource:  philstarRelated NewsFeb 28th, 2023

Maharlika fund moves forward at Senate as committee hearings end

Bills that seek to create the controversial Maharlika Investment Fund have moved forward in the Senate as Sen. Mark Villar ended public hearings by his committee and referred the measures to a technical working group......»»

Category: newsSource:  philstarRelated NewsFeb 27th, 2023

‘GSIS should allow elected officials, staff retirement fund’

The Government Service Insurance System should allow elected officials who have stepped down from office and their staff to continue paying their contributions to qualify for pensions when they retire, Senate Minority Leader Aquilino Pimentel III said yesterday......»»

Category: newsSource:  philstarRelated NewsFeb 26th, 2023

Is BSP still independent?

Watching the Senate hearing on the Maharlika Fund last week, I wondered if the BSP is still independent......»»

Category: financeSource:  philstarRelated NewsFeb 22nd, 2023

SC asked to void Marcos certification of Maharlika bill as urgent, House passage

Members of the Makabayan bloc asked the Supreme Court to void President Ferdinand Marcos Jr.’s certification of the House bill on the Maharlika Investment Fund as urgent and its subsequent passage in the lower chamber of Congress......»»

Category: newsSource:  philstarRelated NewsFeb 13th, 2023

Marcos says 3 Japanese firms looking to invest in Maharlika Wealth Fund

The Marcos Jr. administration said they’ve secured commitments from three Japanese firms to invest in the Maharlika Investment Fund, as the government tries to drum up support for the controversial bill......»»

Category: financeSource:  philstarRelated NewsFeb 13th, 2023


The first Senate hearing on the Maharlika sovereign wealth fund showed it was an idea that has not been sufficiently thought out. Kulang sa staff work. It didn’t take much for a few senators to punch it full of holes......»»

Category: financeSource:  philstarRelated NewsFeb 5th, 2023

Questions swarm Maharlika Investment Fund as it lands in Senate

Senators took turns in examining the Marcos administration’s proposed Maharlika Investment Fund, with concerns about investment gains and governance structure brought to the fore......»»

Category: financeSource:  philstarRelated NewsFeb 1st, 2023

Outright jail vs agri smugglers

The economic managers of President Ferdinand “Bongbong” Marcos Jr. are scheduled to present today before the Senate the administration’s version of the proposed multibillion-peso Maharlika Investment Fund......»»

Category: newsSource:  philstarRelated NewsJan 31st, 2023

Economic managers brief senators on Maharlika fund

Economic managers briefed senators yesterday on the proposed multibillion-peso Maharlika Investment Fund, a priority measure of the Marcos administration that is meeting some resistance in the Senate......»»

Category: newsSource:  philstarRelated NewsJan 31st, 2023

Privatization of gaming agencies to raise P300 billion – Drilon

The government can generate some P300 billion for the proposed Maharlika Investment Fund by privatizing the Philippine Amusement and Gaming Corp. and Philippine Charity Sweepstakes Office, former Senate president Franklin Drilon said on Thursday......»»

Category: newsSource:  philstarRelated NewsJan 28th, 2023

‘Maharlika fund must be scrutinized to last comma, period’

Senators agree that the bill creating the Maharlika Investment Fund requires scrutiny down to the last period, transparency in discussing it and no pressure of approving the measure in a given time......»»

Category: newsSource:  philstarRelated NewsJan 26th, 2023

Senators welcome free hand on Maharlika

Senators welcomed yesterday pronouncements from President Marcos asking them to scrutinize carefully the proposed Maharlika Investment Fund bill, saying this will lead to a well-crafted law......»»

Category: newsSource:  philstarRelated NewsJan 24th, 2023

Senate to heed Marcos call to study Maharlika fund

Senate President Juan Miguel Zubiri said the Senate will tackle the Maharlika fund “one step at a time but will not delay the process.”.....»»

Category: newsSource:  philstarRelated NewsJan 24th, 2023

Marcos to pitch Maharlika fund in soft launch at World Economic Forum

The proposed Maharlika Wealth Fund will be “soft launched” by President Ferdinand “Bongbong” Marcos Jr. while attending the World Economic Forum next week......»»

Category: newsSource:  philstarRelated NewsJan 12th, 2023