The Senate approved on third and final reading the controversial bill seeking to establish the Maharlika Investment Fund (MIF).
With 19 affirmative votes, one negative vote, and one abstention, Senate Bill No. 2020 was approved during the Senate plenary last May 31.
Following this development, the House of Representatives adopted the Senate version of the MIF bill.
This means that the measure will now be up for President Ferdinand Marcos Jr’s signature, who is expected to pass it before his second State of the Nation Address in July.
To recall, Marcos Jr. certified the measure as urgent in both chambers of Congress, a move deemed as “unconstitutional” by the opposition.
The MIF bill has faced legal challenge before the Supreme Court after Marcos certified it as urgent at the lower chamber. It was, however, dismissed for being “premature.”
Thumbnail photo cortesy of Migz Zubiri’s official Facebook page