Finance Secretary Benjamin Diokno said the Social Security System (SSS) and the Government Service Insurance System (GSIS) can still participate in the projects of the Maharlika Investment Fund (MIF) despite being prohibited from investing in it.
During his weekly briefing, Diokno clarified that while government-run pension funds and health insurance cannot invest in MIF, they, however, may invest or subscribe on a project level.
"For example, the Maharlika has a big project worth P1 trillion and the GSIS or SSS wants to subscribe or invest in 10% of that [project] because it has high return, they can do it… in the project, but not on equity," Diokno stated.
National Treasurer Rosalia de Leon likewise echoed Diokno’s statement.
Diokno said that they are expected to prepare the implementing rules and regulations once the bill is passed, stating that they will be looking forward to working at the Maharlika Investment Corporation (MIC).
The MIC, a government-owned firm, will manage the MIF, a sovereign wealth fund composed of cash collected from state-run financial institutions and invested in high-impact projects, real estate, and financial instruments.
The MIF bill states that the Maharlika Fund would be created using:
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P50 billion from the Land Bank of the Philippines (LBP)
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P25 billion from the Development Bank of the Philippines (DBP)
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P50 billion from the National Government
The contribution from the national government would come from the following sources:
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Bangko Sentral ng Pilipinas' total declared dividends
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The national government's share of the income of PAGCOR
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Properties, real and personal, identified by the DOF Privatization and Management Office
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Other sources, such as royalties and/or special assessments
Meanwhile, Diokno stated that the MIF would have an initial capitalization of P75 billion by the end of the year, with Landbank and DBP contributing.
