MANILA - President Ferdinand Marcos Jr. has certified as urgent Senate Bill No. 2020 or the Maharlika Investment Fund Act of 2023.
In a letter to the Senate dated May 22, 2023, Marcos cited a "compelling need for a sustainable national investment fund" amid "the downgrade of the global growth projection".
"With the downgrade of the global growth projection this year on account of debilitating inflation, fluctuating and unstable prices of crude oil and other fuels due to the protracted conflict between Ukraine and Russia, and continuing interest rate hikes in the international financial sector, there is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development," Marcos said.
When a bill is certified as urgent, the Senate or Congress may approve it on second and third reading on the same day, and there is no need to wait for the three-day period between the second and third readings before getting it passed.
Prior to interpellation on the Maharlika Investment Fund bill during Wednesday's plenary session, Senate President Juan Miguel Zubiri said the government finance team is at the session hall: Socioeconomic Planning Sec. Arsenio Balisacan, Bangko Sentral ng Pilipinas Gov. Felipe Medalla, Department of Budget and Management Sec. Amenah Pangandaman, National Treasurer Rosalia de Leon, Department of Finance Sec. Benjamin Diokno.
The Congress passed on third and final reading of the Maharlika Investment Fund in December 2022, after Marcos also certifies as urgent the lower house version.