A petition has been filed before the Supreme Court seeking to declare Republic Act 11954, otherwise known as the Maharlika Investment Fund Act of 2023, unconstitutional.
In their petition filed before the Supreme Court on Monday, Senate Minority Leader Aquilino “Koko” Pimentel 3rd, Bayan Muna chairman Neri Colmenares and former representatives Carlos Isagani Zarate and Ferdinand Gaite sought the issuance of a temporary restraining order or preliminary injunction or status quo ante order against RA 11954.
The petitioners further asked the court to conduct oral arguments on the legality of the law.
They asked the tribunal to “intervene in this constitutional transgression and put a stop to this practice—especially on such a dangerous law as the Maharlika Investment Fund Act of 2023.”
Former party-list representative Neri Colmenares, Bayan Muna Representative Isagani Zarate, and Bayan Muna former representative Ferdinand Gaite, hold up a petition for Certiorari and Prohibition document against Maharlika funds in front of the Supreme Court along Padre Faura in Manila, on Monday, September 18, 2023. PHOTOS BY MIKE ALQUINTO
Former party-list representative Neri Colmenares, Bayan Muna Representative Isagani Zarate, and Bayan Muna former representative Ferdinand Gaite, hold up a petition for Certiorari and Prohibition document against Maharlika funds in front of the Supreme Court along Padre Faura in Manila, on Monday, September 18, 2023. PHOTOS BY MIKE ALQUINTO
Former party-list representative Neri Colmenares, Bayan Muna Representative Isagani Zarate, and Bayan Muna former representative Ferdinand Gaite, hold up a petition for Certiorari and Prohibition document against Maharlika funds in front of the Supreme Court along Padre Faura in Manila, on Monday, September 18, 2023. PHOTOS BY MIKE ALQUINTO
Former party-list representative Neri Colmenares, Bayan Muna Representative Isagani Zarate, and Bayan Muna former representative Ferdinand Gaite, hold up a petition for Certiorari and Prohibition document against Maharlika funds in front of the Supreme Court along Padre Faura in Manila, on Monday, September 18, 2023. PHOTOS BY MIKE ALQUINTO
Former party-list representative Neri Colmenares, Bayan Muna Representative Isagani Zarate, and Bayan Muna former representative Ferdinand Gaite, hold up a petition for Certiorari and Prohibition document against Maharlika funds in front of the Supreme Court along Padre Faura in Manila, on Monday, September 18, 2023. PHOTOS BY MIKE ALQUINTO
Former party-list representative Neri Colmenares, Bayan Muna Representative Isagani Zarate, and Bayan Muna former representative Ferdinand Gaite, hold up a petition for Certiorari and Prohibition document against Maharlika funds in front of the Supreme Court along Padre Faura in Manila, on Monday, September 18, 2023. PHOTOS BY MIKE ALQUINTO
Former party-list representative Neri Colmenares, Bayan Muna Representative Isagani Zarate, and Bayan Muna former representative Ferdinand Gaite, hold up a petition for Certiorari and Prohibition document against Maharlika funds in front of the Supreme Court along Padre Faura in Manila, on Monday, September 18, 2023. PHOTOS BY MIKE ALQUINTO
Former party-list representative Neri Colmenares, Bayan Muna Representative Isagani Zarate, and Bayan Muna former representative Ferdinand Gaite, hold up a petition for Certiorari and Prohibition document against Maharlika funds in front of the Supreme Court along Padre Faura in Manila, on Monday, September 18, 2023. PHOTOS BY MIKE ALQUINTO
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They described the law creating the Maharlika Investment Fund as unconstitutional because Congress rushed its approval through a presidential certification of urgency.
The petitioners noted that mistakes were made due to the “unnecessary” rush to pass the measure on last reading which they said is a “constitutionally fatal act in the passage of the law.”
They claimed that the establishment of the Maharlika Investment Fund as a government-owned or -controlled corporation failed to satisfy the test of economic viability, and that it violates the independence of the Bangko Sentral ng Pilipinas.
“A sovereign wealth fund and un-transparent Maharlika Investment Corporation has no place in a country that is still plagued with corruption,” they said.
President Ferdinand Marcos Jr. signed into law the bill creating the sovereign wealth fund, the country’s first, on July 18, 2023.
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