NextGen Day

On Wednesday, Speaker Martin G. Romualdez and other House of Representatives officials voted to stop accepting contributions from the Social Security System (SSS) and the Government Service Insurance System (GSIS) for the proposed Maharlika Investment Fund (MIF).

Stella Quimbo, a representative from Marikina City and a co-author of the MIF law with Rep. Romualdez, stated that they came to this conclusion after consulting with the administration’s economic managers, who wrote the legislation.

In a press conference held on Wednesday night, Quimbo stated, “Based on our assessment of the proposed changes put forth by the economic team, we are amending the bill to change the fund sources, removing GSIS and SSS as fund contributors and instead utilizing profits of the Bangko Sentral ng Pilipinas.”

Quimbo stated that the House Committee on Appropriations would introduce the revisions into the bill in a meeting on Friday as per the Speaker’s instructions.

As she put it, “It was God that we undertook a series of consultations regarding the proposal; we validated the concerns of our countrymen, especially our hard-working Filipino workers who contribute to) GSIS and SSS. Maganda na nagsagawa tayo ng series of consultations ukol sa panukala; na-validate ang mga agam-agam ng ating mga kababayan

Quimbo emphasized that the proposed Philippine sovereign wealth fund would serve as an investment vehicle for the government’s surplus funds, allowing them to increase and yield returns.

“It would be preferable for any excess funds held by the government to be put toward initiatives that have the potential to yield large returns, according to Anuman. The profits of Maharlika would be felt by the people through higher budgets for government programs that would cater to the needs of every Filipino, according to Quimbo. “Sa taumbayan din ang balik ng kita ng investments ng Maharlika na mararamdaman sa mas mataas na budget para sa mga programa ng gobyerno,” Quimbo said.

Quimbo promised that the House “would put in place safety nets to ensure the success of the project” while the measure went through the debating and approval process.

“It must be ensured that the law establishing the Maharlika Fund has corresponding provisions that will ensure the protection of public funds,” Quimbo said. “Dapat masiguro na ang batas na maglilikha ng (It must be ensured that the law establishing the) Maharlika Fund ay mayroong katapat na probisyon na magtatakda sa pangangalaga

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