Senator says transparency, accountability must be key features of proposed Maharlika wealth fund

A SENATOR on Tuesday said the proposed law that will set up the Maharlika Investments Fund (MIF) must have clear provisions that ensure transparency and accountability in managing the financial pool.

“The top consideration is transparency. People should know where the funds will go, and any mishandling of funds must lead to prison terms,” Senator Robinhood “Robin” C. Padilla said in a statement on Tuesday.

“Apologies are not enough because we are talking about the people’s money,” he said, noting that recent Senate investigations on various questionable government contracts have resulted to admission but “no one gets jailed, no one resigns.”

Similarly, Senator Ana Theresia “Risa” N. Hontiveros-Baraquel found the provision on penalties inadequate.

“Imagine, from the bill to the committee report, the maximum penalty was only raised from P2 million to P5 million. In the crime of graft and corruption in billions of pesos, there are only penalties, no jail time, and there are still no guarantees against money laundering,” she told a media conference via Facebook.

Ms. Hontiveros also maintained her stance that it is not the right time to push for the measure.

“In fact, I am not even convinced that this is timely, that this will actually generate excess revenues for capital, nor is this an urgent issue that needs to be allocated with limited government funds,” she said.

She vowed to place as many safeguards as possible as the bill goes through deliberations and amendments at the plenary.

Meanwhile, the Department of Budget and Management (DBM) welcomed the Senate’s sponsorship of the measure, saying that the proposed Maharlika fund will help the country in increasing its fiscal space, catalyzing economic growth and achieving its development goals.

“More importantly, present and future generations will reap these benefits afforded by the MIF Act,” the DBM said in a statement on Tuesday.

The department vowed to continuously offer technical assistance to lawmakers to ensure the integrity of the fund, while upholding the rule of law and respecting the process of legislation. — Alyssa Nicole O. Tan