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SOURCE: Press and Public Affairs Bureau

'Democracy prevailed': Minority lawmaker hails House leadership for improving MIF
13 December 2022 01:26:20 PM

THE House of Representatives has been hailed for allowing "democracy
to prevail" in the discussions on the proposed Maharlika Investment
Fund (MIF).

The praise came not from a member of the majority, but from the other
side of the fence, particularly from Senior Deputy Minority Leader and
Northern Samar 1st District Rep. Paul Daza.

Instead of assailing the measure like what he previously did during
the committee level discussions, Daza candidly spoke on how his
opinion has changed on the MIF.

“Mr. Speaker, I think I must say one of my favorite sayings, ‘Give
credit where credit is due.’” Daza said during his interpellation on
House Bill (HB) No. 6608 or the proposed MIF that was sponsored in the
plenary by Manila 5th District Rep. Irwin Tieng.

Tieng chairs the House Committee on Banks and Financial
Intermediaries, which is the mother committee of the MIF bill. The MIF
went through comprehensive hearings also before the House Committees
on Appropriations and Ways and Means.

Daza said all his concerns about the MIF have been addressed, thanks
mostly to the actions of the House leadership headed by Speaker Martin
G. Romualdez.

“So, I would like to commend the sponsors, the leadership in listening
to the inputs, not just from this representation and other colleagues
but also from the public and the stakeholders. So, thank you for that.
I feel like this is now a much, much better version and I think it’s
something that I can support. The answers were very clear and
addressed. I think many of my concerns, in fact, I think the public’s
concern,” Daza said.
He further said that he "intends to vote yes" to the measure once it
is considered for second reading.

“So, I think in winding up, Mr. Speaker, I think puwede ko pong
sabihin sa aking mga kababayan, nakinig po ang mga congressmen and
congresswomen sa Kongreso. Umiral po ang demokrasya. Nagpapasalamat
po ako na ito pong latest version is a much better version and I would
like to manifest that I intend to vote yes and I would like to thank
the good sponsors for improving the bill and taking the time, night
and day, to listening to all of us. So, thank you, Mr. Speaker, and
thank you to my esteemed colleagues, our sponsors,” Daza added.

According to Tieng, the sovereign fund measure has undergone multiple

Daza's top concerns regarding the original bill was the designation of
pension agencies Government Service Insurance System (GSIS) and Social
Security System (SSS) as fund sources for the MIF, as well as the
tapping of the Philippine President as the chairman of the board of
the would-be Maharlika Investment Corporation (MIC).

“Two weeks ago, when I voiced out my concerns and in fact my
objections on some of the provisions, it appears and we’ve been
assured that at least for this Representation, all my concerns have
been addressed: GSIS and SSS have been deleted as a source of funding,
the national budget, the two percent cap, additional independent
directors, there’s even punitive of sections. So, 20 percent of net
profit will go to social services,” Daza said.

It will be the job of the MIC to handle the hundreds of billions worth
of investible funds.

The GSIS and SSS have since been dropped as fund sources, with the
Bangko Sentral ng Pilipinas (BSP) taking their place.

Meanwhile, the proposed MIC Board was also overhauled so that the
Department of Finance (DoF) would become the chairman.(END)