Senate OKs Maharlika Investment Fund with major changes


Posted at May 31 2023 09:53 AM

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The Senate on early Wednesday approved the Maharlika Investment Fund Bill on its third and final reading, a few days after it was certified as urgent by President Ferdinand Bongbong Marcos.

Among the major changes in the approved bill is the provision prohibiting state-run pension funds such as the Government Service Insurance System (GSIS) and the Social Security System (SSS) from investing in the fund.

The fund will also undergo a special audit by the Commission on Audit every 5 years while anomalous transactions will be penalized, according to the bill. 

"The form that we are passing now I think satisfies our thirst for transparency and accountability on this measure. I think the number of amendments we placed here would assure the Filipino people that this fund will be used properly, efficiently and effectively," Senate President Miguel Zubiri said during the deliberation.

Nineteen Senators voted in favor of the bill, Senator Nancy Binay abstained while Senator Risa Hontiveros voted against the bill.