House Speaker Romualdez: The Maharlika Investment Fund is transparent.

Amid public concerns, Speaker Martin Romualdez assured the public on Sunday that the Maharlika Investment Fund has a provision that ensures transparency in financial matters to prevent its misuse.

The lawmaker made the remarks as the House of Representatives approved the contentious bill after President Ferdinand "Bongbong" Marcos, Jr. declared it urgent.

According to him, a provision in the bill expressly states that the public has the right to information about MIF financial matters.

Under Section 43 of the said bill, all documents of the MIF and the Maharlika Investment Corporation — the independent body created to manage the fund — shall be open, available, and accessible to the public.

Among these documents are the following:

✔️All investments, whether planned or under negotiation by the MIC and on the MIF's portfolio;

✔️The statements of assets and liabilities (SALNs) of the board of directors, risk management unit, and advisory board members and officials;

✔️The SALNs of those who appointed and designated the said members and officials;

✔️Audit documents from the internal auditor, external auditor, and COA; as well as similar documents and information.

Furthermore, the measure requires that records on the MIF's investment activities be secured and maintained in accordance with the National Archives of the Philippines rules.

Furthermore, the MIC is subject to the disclosure rules outlined in Republic Act (RA) No. 8799 or the Securities Regulation Code, Republic Act (RA) No. 11232 or the Revised Corporation Code, and other applicable laws, rules, and regulations.

https://newsinfo.inquirer.net/1706445/there-is-transparency-in-maharlika-investment-fund-says-romualdez

Note:

Bills are laws in the making. They pass into law when they are approved by both houses and the President of the Philippines. A bill may be vetoed by the President, but the House of Representatives may overturn a presidential veto by garnering a 2/3rds vote. If the President does not act on a proposed law submitted by Congress, it will lapse into law after 30 days of receipt.

Below is a chart mapping the process by which a law is made:

https://drive.google.com/file/d/1e6F28Pavx21ZKZ1LiMzF_e5hTRlhx1el/view?usp=drivesdk

For a thorough understanding of Political Law, we recommend the following books:

Political book 1; Political Law

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Political book 2; Constitutional Law

https://c.lazada.com.ph/t/c.YpmsmP

Bar Questions and Answers; UP Law Complex.

Political Law.

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