The House of Representatives has removed the Government Service Insurance System (GSIS) and Social Security System (SSS) as sources of the proposed Maharlika Investment Fund (MIF) measure, the bill’s co-author Marikina 2nd District Rep. Stella Quimbo announced on Wednesday evening.
In a press conference, Quimbo said the amendment was made after House leaders consulted with economic managers and reassessed the bill.
The MIF will instead utilize profits of the Bangko Sentral ng Pilipinas (BSP), she said.
“Maganda na nagsawa tayo ng series of consultations ukol sa panukala. Na-validate ang mga agam-agam ng ating mga kababayan, lalo na ang masisipag na manggagawang Pilipino, na buwan-buwang naghuhulog ng GSIS at SSS contributions,” Quimbo said.
The Marikina Congresswoman reiterated that the purpose of the MIF is to become “an investment vehicle” that will maximize the government’s capital in order to reap benefits.
“Anuman ang sobrang kapital ng gobyeno ay mabuting ipuhunan sa mga proyekto na may high returns. Sa taumbayan din ang balik ng kita ng investments ng Maharlika na mararamdaman sa mas mataas na budget para sa mga programa ng gobyerno na tutugon sa pangangailangan ng bawat Pilipino,” she added.
However, Quimbo noted that the House may bring back SSS and GSIS as source contributors once they observe that the MIF is implemented efficiently.
She assured that “safety nets” will be placed to ensure the success of the bill.
“Dapat masiguro na ang batas na maglilikha ng Maharlika Fund ay mayroong katapat na probisyon na magtatakda sa pangangalaga ng pondo ng bayan,” she said.
House Bill No. 6398 or Maharlika Investment Fund Act was filed by House Speaker Martin Romualdez last Nov. 28.
Romualdez said the creation of MIF is essential to reach the objectives under the eight-point socioeconomic agenda and medium-term fiscal framework of President Ferdinand ‘Bongbong’ Marcos Jr.
After the MIF bill was filed in the lower house, several lawmakers, progressive groups, and economists aired concerns about some provisions stipulated in the measure, particularly the Php 275 billion fund that will be extracted from the government financial institutions.
