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The seat of the Supreme Court of the Philippines in Manila.
Philstar.com / EC Toledo
MANILA, Philippines — The Supreme Court has canceled the oral arguments on the controversial Maharlika Investment Fund, originally scheduled to begin on Tuesday, July 8.
The oral arguments questioning the constitutionality of the country’s sovereign wealth fund were initially set for July 8 and 9.
“We confirm that the oral arguments on the Maharlika Fund case, originally scheduled for tomorrow, July 8, 2025, have been canceled,” Supreme Court spokesperson Camille Ting said in a message to reporters on Monday.
However, the high court did not disclose the reason for the cancellation.
Philstar.com has reached out to the Supreme Court regarding a possible rescheduling of the oral arguments but has yet to receive a response.
The arguments. Sen. Koko Pimentel and former and current Bayan Muna party-list representatives Neri Colmenares, Carlos Zarate and Ferdinand Gaite filed the petition in September 2023, calling the fund a “disaster waiting to happen.”
The petitioners claim that the law creating the Maharlika Fund violated the constitutional requirement of three separate readings on different days and failed to meet the Constitution's “economic viability” standard.
They also argue that the fund threatens the independence of the Bangko Sentral ng Pilipinas (BSP).
In its response, the government, through the Office of the Solicitor General, sought the dismissal of the petition, citing a violation of the judicial hierarchy.
The original respondents include Executive Secretary Lucas Bersamin, former Finance Secretary Benjamin Diokno, the House of Representatives and the Senate.
Two state-run banks — the Landbank of the Philippines and the Development Bank of the Philippines — which provided the capital to the sovereign fund, were also added as respondents.
