As far as the economic advisers of President Ferdinand “Bongbong” Marcos Jr. (PBBM) are concerned, the newly Congress approved Maharlika Investment Fund (MIF) merely needs a legislative “fix” of its two differing provisions. The head of PBBM’s economic team Finance Secretary Benjamin Diokno is least disturbed over the hullaballoo raised by Senate minority leader Aquilino “Koko” Pimentel III over the two conflicting provisions of the proposed creation of the MIF under Senate Bill (SB) 2020.
The Senate-approved version has two provisions on prescription of crimes. One was an amendment introduced in the wee hours of the Senate sessions on Wednesday morning. The existing provision on the same matter, however, was not deleted.
“Why focus on that small mistake? Congress passed a game-changing measure –first-ever sovereign investment fund – that could accelerate infrastructure development in the country, create a lot of high quality jobs, attract more foreign investors, and propel the country in a higher growth trajectory,” Diokno argued in an exchange of text messages between the two of us.
“But I do not think the perceived errors are fatal to the measure, as these won’t make the bill defective. And I’ll leave the fix to the legislature,” Diokno insisted. “The substance remains the same – it’ll provide for the establishment of a corporation, the funds which will be instrumental in accelerating investments in high-impact infrastructure and development projects, and economic growth,” Diokno pointed out.
“To achieve these lofty goals, we need an all government approach,” the Finance chief added. Diokno further enthused on his pet sovereign wealth fund now called as sovereign investment fund: “Beautiful minds look at the bigger picture.”
For supposedly the “better version” of the MIF bill, methinks the end product of the Senate was ugly because it did not pass quality control.
Senate President Juan Miguel Zubiri downplayed also the two differing provisions of the SB 2020 as nothing but “typo errors only.” The Senate chief dismissed this as “no big deal” in another exchange of text message with me. “We always say subject to style and the secretariat is fixing it as reflected on the transcript,” Zubiri explained.
In the first place, why did the Senate secretariat missed such typographical errors in the approved printed copy of SB 2020? Of course, the same “typo errors only” will surely not escape the scrutiny of the Office of the Executive Secretary which vets enrolled printed copies of all Congress-approved bills. A former Supreme Court Chief Justice like Executive Secretary Lucas Bersamin will certainly frown at such glaring legal mistakes. Staunch oppositors of the MIF bill are already eyeing to question it before the High Court.
Methinks though the best way to “fix” this is to bring SB 2020 back to the legislative mills where it can still be cured. This can be done through a bicameral conference committee (bicam). Also dubbed as the “third Congress,” the bicam is constituted with equal number of Senators and Congressmen to reconcile differing versions of the approved legislative measure.
In two consecutive days of marathon sessions, the Senators approved the proposed establishment of the MIF under SB 2020. This was after PBBM certified it as “urgent” administration measure so that it can be approved on both second and third reading.
But even before the bicam can be convened, the House of Representatives voted on their last session day to blindly adopt SB 2020 en toto. Apparently not aware they voted on the un-edited SB 2020 version, the Lower Chamber cited SB 2020 as a “better version” than their own House Bill (HB) 6608 they approved in December last year.
HB 6608, principally authored by Speaker Ferdinand Martin Romualdez, is the consolidated version of similar other House bills on the proposed creation of the MIF. Romualdez has repeatedly called upon his colleagues in Congress to pass it before they wind down their first regular sessions as calendared on June 3.
Since the present Congress have adjourned sine die – a Latin phrase which means without a day – the sessions of both chambers have concluded already. Our lawmakers will reconvene for their second regular sessions on July 24. This coincides with the next state of the nation address (SONA) of PBBM at the Batasang Pambansa in Quezon City.
After having secured the approval of the MIF bill, the Speaker left last Thursday for South Korea. Romualdez along with his wife, Yedda of the Tingog party list representatives, and other House colleagues attended the 18th Jeju Forum and the ASEAN-Korea Leaders’ Forum.
Informed about the Lower Chamber adoption of SB 2020, the Senate leaders declared there will be no need for a bicam because there is no differing version to speak of. Thus, both chambers of Congress mutually decided to forego with the ratification process.
In brazen haste, both chambers of the 19th Congress approved the MIF bill before they adjourned sine die last Wednesday.
The two conflicting provisions were bared the next day by Pimentel who asked PBBM to veto the MIF bill that was freshly approved by both chambers. Pimentel delivered turno en contra against the MIF bill but did not cast a “No” vote. He left early the Senate that turned out to be their final session day.
Although our lawmakers are entitled to go on vacation mode – either here or in abroad – their legislative duties, however, do not cease. They were elected for a term of three years for the House members and six years for the Senators.
The Chief Executive knows this very well, having once served as Congressman of Ilocos Norte (2007-2010) and later as Senator for one term (2010-2016).
So if pro-administration allies are chasing after a specific timetable, a bicam is still doable. The ratification of SB 2020 will have to wait though a little longer until the President delivers his SONA next month.
Simply clicking the “delete” key should not be the easy way out.