The Senate leadership will push for the passage of the law creating the Maharlika Investment Fund before Congress adjourns on June 2, Senate President Juan Miguel Zubiri said. | melvingasconINQ /PDI
Zubiri declined to comment on reports that his presidency hinged on the passage of the MIF.
In a letter to Zubiri, Marcos, in certifying Senate Bill No. 2020 as an urgent measure, cited “the downgrade of the global growth projection this year on account of debilitating inflation, fluctuating and unstable prices of crude oil and other fuels due to the protracted conflict between Ukraine and Russia, and continuing interest rate hikes in the international financial sector.”
By legislative tradition, the opposition delivers the turno en contra speech to express the bloc’s objection to a bill. Under the Senate’s rules, the turno en contra speech will come before the period of amendments, Pimentel said. “This would be a huge loss to farmers and small businesses that cannot afford to [take out] loans from private commercial banks,” she said.
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