Just ‘repeal’ Maharlika law, Koko Pimentel tells Marcos admin

MANILA, Philippines — Senate Minority Leader Aquilino Pimentel III on Thursday said it would be best for the Philippines just to revoke the controversial Maharlika Investment Fund (MIF). Pimentel, an ardent critic of the MIF, stressed that the law creating it is flawed and unjustifiable. “I am against that unjustified and unjustifiable idea of putting up a Maharlika Investment Fund. I am the minority leader in the Senate. Therefore, I am not even a supporter of this administration. Nothing has changed. The MIF idea is flawed and cannot be justified as there is no underlying asset to fund it, and the process followed to enact the law is flawed and defective, among other reasons,” the lawmaker said in a text message to INQUIRER.net. READ: Supreme Court asked to declare Maharlika fund unconstitutional “Nothing can change my mind that it is best for the Philippines that we abandon the MIF project. Repeal the Maharlika law expressly,” he added. Pimentel was reacting to the latest pronouncement of President Marcos that he remains committed to having MIF operational by the end of 2023, adding that they are only finding ways to “make [MIF] as close to perfect and ideal as possible.” In a radio interview earlier Thursday, Pimentel said it would be better for the Marcos administration to “fix” the country’s proposed budget for 2024 or just make the implementation of the new Private-Public Partnership law better rather than focusing its interests on MIF, which is “very wrong from the very start.” READ: Senators on Bongbong Marcos’ MIF suspension: A very good development “My suggestion is to just abandon it. Abandon the MIF. That’s right because President Marcos has already poured or wasted a lot of political capital here. This is just friendly advice: Let us abandon the MIF, so that we can plan something else in the country,” he said over Radyo 630. READ: Maharlika put on hold to bolster safeguards kga/abc Read more at: inquirer

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