Senator Robin Padilla has called for the translation of the proposed Maharlika Investment Fund bill into Filipino in a bid to ensure widespread comprehension.
Padilla, a proponent of using Filipino as the official mode of communication, made the proposal during the Senate’s period of amendments on the Palace-backed proposed sovereign wealth fund. According to Padilla, some people could not thoroughly understand the Maharlika bill proposed by the administration.
Sen. Mark Villar, sponsor of the bill, accepted Padilla’s proposal for the Filipino translation of the measure.
“Magmula kaninang umaga, marami na po tayong kababayang nandiyan sa labas at sila nagpoprotesta at sa kanila pong sinasabi hindi nila naintindihan ang atin pong panukala na Maharlika bill. Kanina din pong tanghali meron tayong mga bisitang barangay captain. Nang sinabi po natin sa kanila tungkol sa Maharlika bill na ito, ating panukala, sila po ay (nagsabi), di namin naintindihan yan,” Padilla said.
Under the Constitution, he said the government is mandated to take “steps to initiate and sustain the use of Filipino as a medium of official communication and as language of instruction in the educational system.”
Padilla proposed an amendment to the Maharlika bill’s section on the right to freedom of information of the public.
His amendment reads: “All documents of the MIF (Maharlika Investment Fund) and MIC (Maharlika Investment Corp.) shall be open, available and accessible to the public in both English and Filipino.”
If enacted into law, Padilla also proposed the Filipino translation of the measure published in the Official Gazette or in a national newspaper.
The Senate approved early Wednesday morning Senate bill no. 2020 creating the controversial Maharlika Investment Fund. The measure, earlier certified as urgent by President Marcos, intends to use government funds to venture into investments such as infrastructure projects, foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, and commercial real estate.
Under the bill, Land Bank of the Philippines will invest P50 billion, Development Bank of the Philippines to infuse P25 billion, and the national government to set aside P50 billion.
Funds from Philippine Amusement and Gaming Corp. and proceeds from privatization and transfer of government funds may also be used for the MIF.
The bill also prohibits government agencies and government-owned and -controlled corporations that provide pension funds to contribute to the fund.
Some lawmakers have opposed the proposed sovereign wealth fund due to lack of fiscal space, concerns about high debt level, and potential mishandling of funds.
