The bill on the Maharlika Investment Fund has now passed the approval of the House of Representatives.
With a vote of 279-6, the bill that aims to create a sovereign wealth fund was approved on second and third reading on the same day last December 15. This was after the lower house was informed that President Ferdinand Marcos Jr. had certified the bill as “urgent.”
This certification means that the legislators were allowed to bypass the constitutional rule that required bills to be passed on three readings on separate days.
After house approval, the bill will be transmitted to the Senate for its concurrence and will undergo the same process of deliberations.
To learn more about the fund and how it can affect technology and innovation, check out our FAQ guide on the proposed law here.
