MANILA, Philippines — Senate Minority Leader Aquilino “Koko” Pimentel III lambasted on Wednesday what he called a “very expensive public brainstorming” on the proposed Maharlika Investment Fund (MIF).
Senator Mark Villar, who chairs the Senate committee on banks, led the discussion on measures which included his own bill that sought the creation of the MIF, also dubbed as a sovereign wealth fund.
“We see what you’re doing, you’re conducting a very expensive public brainstorming. ‘Yan ang ginagawa niyo e (That’s what you’re doing),” Pimentel said during the hearing of the joint panel in the Senate.
“Expensive in terms of resources and in time which you should have done months ago before actually making the proposal. Yan ang nangyayari po (That’s what is happening),” he added.
Pimentel cited some confusing details in the proposal like the supposed assurance that there would be a list of allowable investments but said a phrase — “and all other investments as may be decided by the board” — would be found in the bill.
“E sinong naglolokohan dito ‘di ba (Who are we trying to fool here)?” he said.
“Well, the Senate should not allow this to pass in its current form. It’s very disappointing to be an administration measure,” the senator said.
And because it is an “administration measure,” he said the assumption was it was backed by all the best lawyers and bill drafters of the administration.
“An administration measure and yet the quality of the proposal is that low… is that [confusing]. Sana po ayusin na lang po muna ninyo (Hopefully you fix that first)…” Pimentel went on.
“We’re really conducting a very expensive public brainstorming session on a proposal coming from the administration na not well-thought-out, not well-planned. Naghahanap ang majority senators ng business plan, wala (The majority senators are looking for a business plan, but there is none). What’s happening?” he further asked.
Aside from Villar, Senator Raffy Tulfo had also filed his own version of the measure.
READ: Senate to tackle Maharlika fund ‘one step at a time’ but without delay
The proposed setting up of the sovereign wealth fund to be sourced from various government banks and agencies was approved in the House of Representatives last December.
READ: House passes Maharlika Investment Fund bill