Senate President Juan Miguel 'Migz' Zubiri has asked colleagues not to rush the passage of the controversial Maharlika Investment Fund (MIF) as the chamber gears up for its first hearing.
On Tuesday, Zubiri said he had instructed Sen. Mark Villar — the committee chair on banks, financial institutions, and currencies that will conduct the hearings — to "give time to all sectors" concerned.
"In other words, wag nyang madaliin ito [he should not rush this]," the senate president stressed.
"Hindi 'to pang-one hearing lamang. Hindi 'to pang-two hearings or three hearings [This should not be done for only one, two, or three hearings]. So I suggested to Sen. Mark that he should conduct weekly hearings all the way [until] the break," he added.
Zubiri also told Villar to draft a committee report before the Senate break by the end of March, so other senators could thoroughly study it and have 'a full debate on the issue' once the chamber resumes its session after the Holy Week break.
The Senate is set to kick off its deliberations on the MIF on Wednesday following its swift passage at the House of Representatives in December.
The Maharlika investment fund is a sovereign wealth fund that will extract resources from government financial institutions (GIFs) including Bangko Sentral ng Pilipinas (BSP), Land Bank of the Philippines (LBP), and Development Bank of the Philippines (DBP).
The government will use the collected fund for investment in order to raise revenues and support government programs.
The measure was filed by House Speaker Martin Romualdez last November.
