IN DEFENSE OF MIF. Senate Committee on Trade, Commerce and Entrepreneurship Chairperson Senator Mark Villar answers queries from colleagues as he defends Senate Bill No. 2020 or the Maharlika Investment Fund (MIF) during the plenary session on Tuesday (May 16, 2023). Considered one of the priority bills of the Marcos administration, the MIF seeks to promote socio-economic development by making strategic and profitable investments in key sectors. Villar said MIF is a necessary instrument to spur economic development and allow the country to recover faster from the Covid-19 pandemic. (Photo by Senate Public Relations and Information Bureau) 

MANILA – The ongoing series of interpellations at the Senate plenary discussing the Maharlika Investment Fund (MIF) bill shows the commitment of the Senate to ensure the measure will serve the best interest of the Filipino people, Senator Mark Villar assured on Wednesday.

Villar, who authored and sponsored Senate Bill No. (SBN) 2020 seeking to create the MIF, also assured that he stands firmly committed to the ideals and objectives of the MIF Bill that shall ensure it empowers the people, creates a fair and equitable society, and builds a prosperous future for all.

"Maganda po na ma-discuss natin ang mga concerns ng ating mga kapwa senador (It is good that we can discuss the concerns of our fellow senators). From the start, we always wanted to scrutinize this bill. No better way to accomplish that than by entertaining questions from our colleagues," Villar said in a statement.

“The ongoing process of interpellation highlights the Senate's commitment to deliver a well-crafted and impactful law. By engaging in open discussions and collaboration, we are emphasizing the importance of a thorough examination of the Maharlika Bill," he added.

Emphasizing the significance of scrutinizing the bill thoroughly, Villar said he believes that engaging in discussions and addressing concerns raised by fellow senators is a vital part of the legislative process.

Meanwhile, the lawmaker allayed the fears of some critics (of) what happened to the Norway Wealth Fund could also happen to MIF.

The Norway Wealth Fund experienced an unforeseen situation in the first half of 2022 incurring high paper losses.

"But then again, when you analyze it over an extended period, let’s say over 10 years, the overall return for government surpasses that period of losses.“ Villar explained.

He also reiterated the Maharlika has enough safeguards to ensure that the government will achieve a good rate of return.

So far, among those who already interpellated with Villar were Senators Ronald Dela Rosa, Grace Poe, Raffy Tulfo, and Loren Legarda. (PNA)