The Government Service Insurance System (GSIS) and Social Security System (SSS) can still contribute to the proposed Maharlika Investment Fund (MIF) but are subject to approval, Department of Finance (DOF) Secretary Benjamin Diokno clarified on Friday.
In a press conference, Diokno said the two were removed as mandatory sources of MIF “without prejudice for them to contribute later should their respective boards approve their contributions.”
He noted that in the originally proposed bill, it was stated that if GSIS and SSS are looking for “higher returns” of investment, they can contribute to the MIF.
On Wednesday, MIF bill’s co-author Marikina 2nd District Rep. Stella Quimbo announced that they have amended the measure and removed the two financial government institutions as mandatory sources.
The amendment comes after the House leader consulted with economic managers and reassessed the provision stipulated in the bill.
The MIF will instead utilize the profits of the Bangko Sentral ng Pilipinas (BSP) along with the Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP).
The LBP and DBP will both contribute Php 25 billion each, Diokno said.
Also on Friday, House banks and financial intermediaries committee chairperson Irwin Tieng announced that the proponents of the bill have decided to remove President Ferdinand 'Bongbong' Marcos Jr. as chairman of the board governing the MIF.
Marcos would be replaced by Diokno.
Meanwhile, the proposed MIF board will have two directors instead of four, Tieng said.
