Senators on Bongbong Marcos’ MIF suspension: A very good development
MANILA, Philippines — Five senators on Wednesday expressed relief at the order of President Ferdinand “Bongbong” Marcos Jr. to stop the enforcement of the controversial Maharlika Investment Fund (MIF) law. Marcos, in a memorandum dated October 12, directed the suspension of the implementation of the law’s implementing rules and regulations. Senate Minority Leader Aquilino “Koko” Pimentel III called Marcos’ decision a “very good development,” adding that the law, in fact, has “a lot of defects.” “The concept has not been fully studied from the very start. Hence, we should not wonder why, apparently, the law is not ready for implementation,” said Pimentel in a statement. “Good that the Marcos administration appears to listen to reason,” he emphasized. Pimentel, along with other lawmakers, filed a petition before the Supreme Court in September, seeking to declare MIF as unconstitutional. In a separate statement, Senate Majority Leader Joel Villanueva backed Marcos’ decision, saying that the chamber supposedly submits to the President’s wisdom. “We are one with the President in ensuring that the objectives of the MIF are achieved and that all proper safeguards are in place, with due regard to the fiduciary responsibility imposed by the law on the managers of the fund,” said Villanueva. But for Senator Francis “Chiz” Escudero, the suspension means the law passed by Congress needs a more thorough study. He thanked Marcos for the move. “Marahil ay patunay ito na ang pinasang batas ng kongreso ay kulang pa sa pag aaral at nagpapasalamat ako kay Pangulong Marcos na nakita niya ‘yun,” he said in an ambush interview. (Perhaps this is proof that the law passed by Congress is still lacking in terms of being studied. I am grateful to President Marcos for seeing that.) “[K]ung ano mang mga butas at pagkukulang na kailangang linisin at ayusin ay maaaring maihabol at ayusin pa,” he stressed. (Any loopholes and shortcomings that need to be cleaned and repaired can still be pursued and fixed.) For his part, Senator Win Gatchalian said Marcos’ decision was a prudent move. “Ito yung mga bagay na [dapat] pag aralan ng Senado through its oversight function [at] pag aralang mabuti ang mga function ng [batas],” Gatchalian told reporters. (These things must be studied by the Senate through its oversight function and carefully study the functions of the law.) He noted it is “important not to rush the implementation” of this law, especially amid the potential “economic
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