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No TRO vs Maharlika fund; Supreme Court instead orders gov't to comment on petition

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Mike Navallo, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="George Calvelo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/10/18/20220824-supreme-court-facade-gc-9.jpg"/><figcaption>The Supreme Court building in Padre Faura, Manila on August 24, 2022. George Calvelo, ABS-CBN News</figcaption></figure></div>MANILA (UPDATE) — Despite an urgent plea to stop the implementation of the controversial Maharlika Investment Fund, the Supreme Court has not issued a temporary restraining order (TRO).Instead, it asked the Executive and Legislative to file their comments to the petition, SC sources told ABS-CBN News on Wednesday.In an en banc ruling Tuesday, SC magistrates required Executive Secretary Lucas Bersamin, Finance Secretary Benjamin Diokno, the House of Representatives and the Senate to file within 10 days their comment to the petition questioning the constitutionality of the measure.Petitioners Senate Minority Leader Aquilino &quot;Koko&quot; Pimentel III, Bayan Muna Chairman Neri Colmenares, and former Bayan Muna Representatives Carlos Zarate and Ferdinand Gaite filed the petition on September 18, exactly a month after President Ferdinand “Bongbong” Marcos, Jr. signed the bill into law. They questioned the urgent certification issued by Marcos to both houses of Congress, claiming the constitutional requirement for a bill to pass 3 readings on separate days at the House of Representatives before it can become a law, unless if the President certifies that a bill is urgent to meet a public calamity or emergency. The certification allowed the lower House to pass House Bill 6608 on second and third reading on Dec. 15, 2022.But petitioners argued there was no public calamity or emergency to justify the presidential certification.They also accused the House and the Senate of violating the “no amendment rule” under the Constitution when they introduced changes to the provisions of the law different from the version of the bills passed on third and final reading before both houses. These provisions include granting the President the power to approve the organizational structure, staffing pattern and compensation structure of the Maharlika Investment Corporation and allowing the Maharlika board to exempt certain positions from the GOCC Governance Act.The petitioners also claimed the Maharlika Investment Fund failed to satisfy the test of economic viability under Section 16, Article XII of the Constitution because only a 3-page business proposal was presented promising a return on equity of around 6.51 percent to 10.78 percent without showing the basis for the computation. Another contention is with respect to the independence of the Bangko Sentral ng Pilipinas. The Maharlika Investment Fund law requires the Bangko Sentral ng Pilipinas to remit 100 percent of its total declared dividends to the national government to serve as capital for the first 2 years of the Maharlika Investment Corporation. “Certainly under an advisory body and board of directors that are primarily political appointees, the Maharlika Investment Corporation cannot be run without political pressure. The enactment of the ‘Maharlika Investment Fund Act of 2023’ will create a lasting, if not permanent, connection between BSP and the Maharlika Investment Fund,” the petition said.“In effect, violating the independence of the ‘Bangko Sentral Pilipinas’ as the central money authority of the country. The Bangko Sentral is now obligated to earn not for itself but for the Maharlika Investment Corporation,” it added. Reacting to the Supreme Court directive, House Speaker Martin Romualdez and Senate President Juan Miguel Zubiri insisted Wednesday that the law went through the regular procedure. “We have followed due legislative processes in crafting and enacting this law, keeping in mind the best interests of the Filipino people,” Romualdez said in a statement, promising to comply with the SC’s order. “It is important for the public to know that our intent was always to ensure transparency, accountability, and financial prudence in the management of public funds. We will thoroughly review the petition&#x27;s claims to ensure the Fund&#x27;s integrity and our adherence to the Constitution,” he added.Zubiri said the Senate is &quot;ready to answer any questions and issues&quot; concerning the Maharlika Investment Fund Act.&quot;I stand by my assertion that the Maharlika Investment Fund Act went through the proper legislative process, and will therefore withstand judicial scrutiny and be upheld as constitutional,” Zubiri said.The Makabayan bloc in February had questioned before the high court the presidential certification and the manner by which the Maharlika Investment Fund bill was passed before the House of Representatives. But the Supreme Court junked the petition for being “premature” since there was no act of legislature yet at the time the petition was filed.<ul class="op-related-articles">	<li><a href=" https://news.abs-cbn.com/news/05/12/23/sc-junks-premature-petition-vs-maharlika-fund-bill">Supreme Court junks &#x27;premature&#x27; petition vs Maharlika Fund bill</a></li></ul>

Despite an urgent plea to stop the implementation of the controversial Maharlika fund, the Supreme Court has not issued a temporary restraining order.

No TRO vs Maharlika fund; Supreme Court instead orders gov't to comment on petition

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No TRO vs Maharlika fund; Supreme Court instead orders gov't to comment on petition

Mike Navallo,

ABS-CBN News

Published Oct 04, 2023 02:40 PM PHT

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Updated Oct 04, 2023 06:33 PM PHT

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Maharlika Investment Fund

Supreme Court

temporary restraining order

TRO

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