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| The Maharlika Investment Fund bill will no longer include SSS and GSIS as 'founding' GFIs, Congresswoman Stella Quimbo said on December 7. |
The Maharlika Investment Fund bill will no longer include SSS and GSIS as 'founding' government financial institutions (GFI), according to Marikina Representative and one of the bill's authors, Congresswoman Stella Quimbo, who made the announcement on December 7.
She said that following the meeting of House leaders and economic managers this morning, it was agreed that the SSS and GSIS would no longer be included to eliminate public fear and suspicion, particularly among SSS and GSIS members.
Aside from the two social insurance programs, the National Budget no longer plays a role in determining the initial funding source for the MIF.
Instead, only the Landbank of the Philippines, the Development Bank of the Philippines, and the dividend from the Bangko Sentral ng Pilipinas will remain.
"The House leaders, led by Speaker Martin Romualdez, met with the economic managers this morning to reassess the Maharlika Fund bill as drafted by the economists. Based on our evaluation of the economic team's proposed changes, we are amending the bill to change the fund sources, removing GSIS and SSS as fund contributors and replacing them with profits from the Bangko Sentral ng Pilipinas." Quimbo said.
The original proposal calls for the four GFIs to contribute a total of P250 billion as a start-up fund.
GSIS will contribute P125 billion, SSS and LBP each P50 billion, and DBP will contribute P25 billion.
The MIF Bill will be submitted to the Committee on Appropriations on Friday, and only then will the new contribution amount of the remaining GFIs be determined.
For Quimbo, it is beneficial that the proposal was subjected to public consultation because the public's concerns were heard.
"It's good that we held a series of consultations on the proposal; our compatriots' concerns, particularly those of hardworking Filipino workers who pay GSIS and SSS contributions every month, have been validated," the representative explained.
The Vice Chair of the House Appropriations Committee also emphasized that the Maharlika Investment Fund's sole purpose remains the development of the country and the benefit of Filipinos.
"At the end of the day, the Maharlika Fund's goal is to become an investment vehicle through which the government's existing surplus capital can grow and reap benefits. Whatever excess capital the government has is better invested in high-return projects. The people will see the benefits of Maharlika's investments in the increased budget for government programs that will meet the needs of every Filipino." Quimbo concluded.