The Makabayan bloc has filed a motion for reconsideration, led by ex-Bayan Muna representative Neri Colmenares, to the Supreme Court decision dismissing their petition questioning the swift passage of the Maharlika Investment Fund (MIF) Bill.
“We stand by our assertion that the President’s certification of the measure as urgent did not explicitly spell out any public calamity nor emergency, in violation of Article VI Section 26 (2) of the Constitution,” Colmenares said.
“The controversial bill was also passed on second and third reading on the same day, violating the rules of procedure of the House of Representatives, which state that no bill must be approved on second and third reading on the same day,” he said. Rio N. Araja
“It is important note that aside from the procedural defects which marred the hasty passage of the Maharlika bill, the measure dangerously channels public resources from Landbank, Bangko Sentral ng Pilipinas, PAGCOR and DBP towards risky investments — at a time when the global financial system sits on shaky grounds,” the ex-solon said.
“The recent collapse of First Republic Bank (in the US) and the Credit Suisse turmoil indicate systemic frailties which pose risks to investments in financial instruments,” he added.