According to Bongbong Marcos signs Maharlika Investment Fund into law | Inquirer News, Tuesday saw the contentious Maharlika Investment Fund (MIF) measure being signed into law by President Ferdinand Marcos Jr.
Members of the Senate and the House of Representatives were present as the President signed the law at the Kalayaan Hall of the Malacañang Palace.
Due to potential investing risks, the MIF had received harsh criticism. Marcos was urged to veto the bill by Senate Minority Leader Aquilino Pimentel III.
The measure, in Pimentel's opinion, would waste funds that could be applied to addressing urgent problems like shortages in healthcare and education.
The MIF has been compared by Senator Francis Escudero as a plunge into the unknown.
According to Bongbong Marcos signs Maharlika Investment Fund into law | Inquirer News, the measure has been recognized as urgent for both chambers of Congress by Marcos. With a resounding majority in each house, the contentious MIF easily passed the legislative branch. The motion received 279 yes votes in the House of Representatives and 19 yes votes in the Senate.
Senator Risa Hontiveros and Representatives France Castro, Raoul Manuel, Arlene Brosas, Edcel Lagman, Mujiv Hataman, and Gabriel Bordado were the only politicians to vote against the MIF in the House of Representatives and the Senate, respectively.
