MANILA — House Speaker Martin Romualdez on Wednesday explained that the House followed "due legislative processes" in passing the bill that created the controversial Maharlika Investment Fund (MIF).

• Supreme Court asked to declare Maharlika fund unconstitutional

"We have followed due legislative processes in crafting and enacting this law, keeping in mind the best interests of the Filipino people," Romualdez said.

Romualdez issued the statement after the Supreme Court asked the House to comment on the petition calling for its nullification.

Senate Minority Leader Aquilino "Koko" Pimentel III, Bayan Muna Chairman Neri Colmenares, and former Bayan Muna Representatives Carlos Zarate and Ferdinand Gaite last month questioned the law, saying passage was rushed.

They said the bill should have gone through three separate readings on separate days.

President Ferdinand Marcos Jr. certified the bill urgent to exempt it from that requirement, but the petitioners said there was no justification to do so.

House to send comment to SC

"The House of Representatives, under my leadership as the Speaker, affirms its commitment to the rule of law and will duly submit our comment within the ten-day timeframe," Romualdez said.

"Our nation's prosperity and welfare are at the forefront of our legislative agenda, and we remain open to any constructive dialogue that would further our shared goal of uplifting the lives of Filipinos," he added.

The Speaker then went on to defend the Maharlika fund, saying it aims to stimulate growth of the Philippine economy.

"It is crucial to underscore that the creation of the Maharlika Investment Fund aims to provide the country with a mechanism for financial stability and economic growth," Romualdez added.

• EXPLAINER: The Maharlika Investment Fund, as approved by Congress

Speaking in a forum Wednesday, Albay Rep. Joey Salceda said Romualdez actually wants the MIF listed in the stock market.

"Definitely it is the intention of the Speaker that Maharlika will be listed in the Philippine Stock Exchange. There's no prohibition. If you read the law very well there is escape clauses there. Some of the restrictions were placed on the preferred funds, but on the common fund actually if you read it very well, there is no restriction," Salceda said.

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