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GSIS chief calls the Maharlika Investment Fund a “long-term investment”

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According to a senior official, the proposed Maharlika Investment Fund (MIF) is a “long-term investment” that aspires to aid in nation-building.

Arnulfo “Wick” Veloso, President and General Manager of the Government Service Insurance System (GSIS), made this statement in response to worries that the fund could imperil state pension funds controlled by the GSIS and the Social Security System (SSS).

In an interview with Radyo Pilipinas, he remarked, “The Maharlika Investment Fund is an opportunity for us to be able to participate in an opportunity that would allow us to not only obtain returns but also to have a contribution to nation-building.”

“We would like to let the public know that this is a chance for us to be able to push the country to grow, and again, I reiterate that whatever investments we make here will accrue to the members of the Government Service Insurance System and that we are there at the Maharlika Board to make sure the investments are protected while also aiding in nation building,” he continued.

Veloso assuaged public concerns about the MIF’s checks and balances by promising that the proposed Maharlika Board would guarantee that investments made with the fund would be made public.

We are here to make sure that this investment is made correctly, therefore at kami po ay naroroon para siguraduhin na ma-invest ito. There are several levels of transparency to guarantee that the monies are safeguarded and invested appropriately, and we’ll make sure the public is informed, he continued.

He added that the private sector would also be represented by independent directors, congressional oversight, and an internationally recognized auditing firm.

Veloso previously stated that a few crucial industries in the nation can advance with substantial capital expenditures through the MIF, which will enhance employment, taxation, and economic activity.

Along with Veloso, the planned MIF has the support of several other members of the government’s economic team, including Budget Secretary Amenah Pangandaman, Socioeconomic Planning Undersecretary Rosemarie Edillon, and Bangko Sentral Monetary Board Member Benjamin Diokno.

According to Diokno, President Ferdinand R. Marcos Jr. personally approved the construction of a MIF.

He claimed that BSP had “too many” gross international reserves (GIR), part of which may be applied to the projected MIF.

According to Diokno, the nation ought to have established a sovereign wealth fund long ago to set aside money for future generations.

According to House Bill No. 6398, the MIF is a separate fund that upholds the values of excellent leadership, openness, and accountability.

According to the proposed measure, the fund shall be used to make strategic and commercial investments in a way that will support financial stability for economic development and strengthen the best-performing government financial institutions (GFIs) through new investment platforms that will aid in achieving the national government’s priority plans.

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