MANILA -- A vocal critic of the Maharlika Investment Fund (MIF) bill on Friday warned against challenging the measure before the Supreme Court (SC), pointing out that it has no "constitutional infirmity."
"I do not see any constitutional infirmity in the MIF to merit the Supreme Court’s exercise of judicial review, albeit its being errant in wisdom," said Albay Rep. Edcel Lagman.
"Thus, I am dousing cold water on projected petitions to challenge the constitutionality of the MIF before the High Court once it is signed into law by President Ferdinand Marcos, Jr., " Lagman added.
The Senate and House of Representatives on Wednesday approved the bill creating the controversial sovereign wealth fund amid opposition from economists and other groups.
Lagman cited previous high court rulings where it kept out of policy or the wisdom of a stature.
Lagman insisted that the remedy against an "unwise or improvident law" is to seek its amendment or repeal by the legislature itself.
He also clarified that the Senate did not have to ratify the bicameral conference committee report because its version was accepted in its entirety by the House panel.
However, Lagman maintained that creating a sovereign wealth fund is simply not for the country at this time.