Press Release
June 2, 2023

Pimentel urges PBBM to veto Maharlika bill

Senate Minority Leader Aquilino "Koko" Pimentel III is calling on President Ferdinand "Bongbong" Marcos Jr. to veto the recently passed Maharlika Investment Fund (MIF) bill and return it to Congress for rectification.

"The bill, in its current form, is not acceptable. I am calling on the President to exercise his veto power and return the measure to Congress," Pimentel said on Friday.

"It is in the best interest of the Filipino people and the administration if the measure is sent back to Congress, so we will have the chance to take a second look at the measure in order to address the concerns raised by many sectors," Pimentel said.

"As correctly pointed out by Senator Francis Escudero, these flaws that we see today are the consequences of haste and, if I may add to that, an ill-conceived legislation such as the Maharlika Investment Fund," Pimentel stressed.

The Senate chief fiscalizer pointed out that the MIF is "full of opaque provisions, contradictions, ambiguities, and loopholes" which both Houses of Congress, in their desire to expedite the passage of MIF, failed to address.

"By returning it to Congress, it will allow us to resolve conflicting provisions and add more safeguards to protect the funds and foster transparency and accountability," Pimentel said.

If not vetoed, the MIF, in its current form, cannot withstand the scrutiny of the Supreme Court, according to Pimentel.

Pimentel said that the Supreme Court will be the next battleground for the controversial Maharlika Investment Fund.

"The MIF can be challenged before the courts and for those planning to do this, I will make myself available as a source of some facts, information and arguments," he said.

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