The Marcos administration wants to put up the country’s first sovereign wealth fund to generate earnings that can finance more infrastructure projects and other social programs and eventually promote economic development for future generations. /PDI
HB 6608 will now be transmitted to the Senate and undergo the same legislative process of three readings prior to approval, after which a bicameral conference committee will be constituted to settle, reconcile or thresh out differences on any provision of the bill. A conference committee report will then be submitted for approval of both chambers of Congress, after which it will be transmitted to the President for signing into law.
Sen. Aquilino Pimentel III on Thursday said that despite the certification of the bill as urgent, the minority bloc would make sure the measure is scrutinized in the Senate.He added that the President’s issuance of the certification was “an abuse of presidential prerogatives and powers,” and raised suspicion over the motivation of its proponents.
Despite calls by some lawmakers for the House leadership to slow down and allow all representatives to consult their constituents during Congress’ Christmas break, voting for the passage on second and third readings of the bill proceeded after it was certified as urgent by Mr. Marcos in a Dec. 14 letter to the House.
However, Finance Secretary Benjamin Diokno said earlier this week that the GSIS and SSS were still not entirely out of the game.
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