SENATOR Mark Villar, author of Senate Bill No. 2020 also known as the Maharlika Investment Fund (MIF) bill is confident that the measure will be approved on third reading this week.

“We have carefully studied and analyzed the MIF bill. We made revisions and added more safeguards to ensure that the version will benefit the Filipino people.” Villar said.

Senator Mark Villar also cited numerous benefits that the country will attain once the MIF bill is passed into law.

“Actually, there are a lot of benefits that we can get from the MIF. First, it would create more jobs, more infrastructure projects mean more job opportunities for Filipinos. Secondly, we will promote economic growth since better infrastructure leads to more efficient transportation, communication, and other systems. Also, this will be a vehicle to reduce poverty, this would help the government manage its budget and mitigate fiscal pressures during economic downturns as it acts as a safety net for the country.” Villar explained.

Senator Mark Villar also pointed out that the MIF may be used to invest on sectors such as agriculture and energy.

“Ang kapalit ng pondo natin ay investment hindi lang sa imprastraktura kung hindi pati sa agrikultura at enerhiya na kailangan na kailangan na natin. This is what the Mahaklika is there for, it’s to generate jobs and generate investments in the sectors that lack investment.” Villar said.

Senator Villar also mentioned that other benefits from the Maharlika Investment Fund would include capital accumulation, sustainable development, economic stability, financial sustainability, foreign investments and reduction of foreign debt.

For Senate Minority Leader Aquilino Koko Pimentel III, he said he is not convinced yet that the MIF will address the Philippines’urgent needs, more so the country’s longstanding problem with poverty as he raised the possibility of misue and abuse of public funds.

“Too many details were left to the measure’s implementing rules and regulations. The implications of the proposed MIF are simply too great for us not to do anything to stop it,”Pimentel said.