Business groups, economists, activists and opposition figures have questioned the need for a sovereign wealth fund in the country, which is a concern for the MIF.
They said that pension funds were already being invested and that moving them to the MIF would expose them to additional risk.
Senator Imee Marcos, the president's sister, said it was risky to gamble retirement funds.
She said that the graft scandal involved billions of dollars in state funds was a real disaster in Malaysia, where their 1 MDB was a real disaster.
The potential for corruption is almost unavoidable because of the lack of safeguards, said Vincent Lazatin, former executive director of the Transparency and Accountability Network.
The Bill's proponents highlighted Indonesia as an example of a sovereign wealth fund that can be used to attract direct investments into infrastructure and emerging industries.
She said that Indonesia's fund has a very clear investment objective, while the Philippine proposal lacks a direction. She said that there are a lot of questions How is it going to benefit the long-term development objective of the Philippines because it is not very clear to me that it will.
The Bill says that the MIF funds would be exempt from any regulatory restrictions. Financial derivatives, equities, infrastructure projects and other investments would be included in the bill's governing board, which is said to be chaired by the president.
The Bill, backed by former president Gloria Arroyo, said it was a powerful statement that the highest official of the land will hold himself accountable for the performance of the Fund. Lazatin noted that the country had a dismal record of punishing elected officials for corruption.
Our laws are good on paper but in practice we have not been able to hold public officials accountable, he said.
An estimated US $10 billion was stolen from state coffers over the course of Marcos Sr's rule, while the family has been accused of owing more than $3.6 billion in estate taxes.
No one in the clan has been jailed.