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Minority Leader notes flaws in Maharlika Bill: Senate Minority Leader Aquilino “Koko” Pimentel III notes some flaws in the content of the Maharlika Investment Fund (MIF) bill during the continuation of the public hearing on its proposed creation Wednesday, February 15, 2023. “The Senate should not allow this (measure) to pass in its current form. It’s a very disappointing administrative measure. The assumption is, if it is an administrative measure, it is backed up by all the best lawyers and bill drafters of the administration. And yet this is the result,” Pimentel said as he noted the gaps in the proposed measure. While the national treasurer assured the Committee on Banks, Financial Institutions and Currencies that there is a list of allowable investments under the MIF, Pimentel said one provision allows “all other investments as may be decided by the Board.” Likewise, he said, the proposed measure also assures of a 2 percent cap on administration and operation expenses. But Sec. 17 allows additional expenses. This in effect, cancels the 2 percent cap on administrative expenditures, Pimentel pointed out. “We hear news about the President’s report that the Japanese investors are excited to invest in the Maharlika fund. Where is the mechanism of the current bill? How do they invest? It is not stated there. This Maharlika Investment Corp. can directly give assistance. What is the meaning of directly? Another Department of Social Welfare and Development? What are we doing here?” Pimentel said. (Bibo Nueva España/Senate PRIB)