House of Representatives Speaker Ferdinand Martin G. Romualdez said Wednesday the House would immediately file its comment concerning a petition raised before the Supreme Court questioning the constitutionality of the Maharlika Investment Fund (MIF). Romualdez, principal author of Republic Act (RA) 11954 or the Maharlika Investment Fund Act of 2023, also pledged to defend the law that intends to drive economic growth, address poverty, and create job opportunities for Filipinos. He issued the statement after the Supreme Court order on Tuesday directing the executive and the legislative departments to respond to the petition filed last month by Senator Koko Pimentel and three former Bayan Muna legislators requesting the high tribunal to declare MIF unconstitutional. ‘We respect the Supreme Court’s directive for the Executive and Legislative branches of government to provide a response [on the petition] concerning Republic Act 11954, the Maharlika Investment Fund Act of 2023,’ Romualdez said. He expressed his belief that the concerns raised by the petitioners before the SC need to be addressed comprehensively, although he insisted that Congress has duly followed processes in crafting and enacting the law. Romualdez affirmed the House’s commitment to the rule of law and pledged to duly submit the sought comment within the 10-day timeframe, as ordered by the High Court. ‘It is important for the public to know that our intent was always to ensure transparency, accountability, and financial prudence in the management of public funds. We will thoroughly review the petition’s claims to ensure the Fund’s integrity and our adherence to the Constitution, the Speaker added. Last July, President Ferdinand R. Marcos Jr. signed into law the MIF Act of 2023, the country’s first-ever sovereign wealth fund. Senate also ready The Senate also said it is ready to defend the constitutionality of the Maharlika Investment Fund (MIF) Law which will establish the Philippines’ first-ever sovereign wealth fund. Senate President Juan Miguel Zubiri told reporters on Wednesday that he already instructed Senate Secretary Rey Bantug to coordinate with the Office of the Solicitor General (OSG) to prepare and file comments on the petition filed before the high court. “Nakahanda na po kami (We are prepared). We’ve been meeting with the Office of the Solicitor General para magbigay po ng (to give) necessary pleadings defending the position of the Senate in the constitutional passage of the Maharlika Investment Fund,” Zubiri assured. Zubiri also assured that the Senate leadership respects the petition as it is a part of the judicial process, but stressed his assertion that “the MIF went to the proper legislative process and would therefore stand judicial scrutiny.” “We respect any move to bring the MIF Act to the Supreme Court and we assure everyone that the Senate will actively take part in the court proceedings, including filing of necessary responsive pleadings,” Zubiri said. “Ultimately, this is for the Supreme Court to decide and we will respect the outcome whatever it may be,” he added.
Source: Philippines News Agency
