House ready to defend MIF at Supreme Court – Speaker

MAHARLIKA INVESTMENT FUND. President Ferdinand R. Marcos Jr. on Tuesday (July 18, 2023) signs Republic Act 11954 or the Maharlika Investment Fund Act of 2023 at the Kalayaan Hall of Malacañan Palace in Manila. Marcos said the MIF is designed to drive economic development in the country. (PNA photo by Rolando Mailo)

MANILA – 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