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PBBM is against using state pension funds as an initial investment for MIF

President Ferdinand R. Marcos Jr. reassured the people on Wednesday that the proposed Maharlika Investment Fund (MIF) will not use the state pension funds as a “seed fund.”

Marcos provided the reassurance as the House of Representatives passed the Senate’s version of the MIF bill during a bicameral conference on Wednesday, which was taking place alongside the 86th-anniversary celebration of the Government Service Insurance System (GSIS) in Pasay City.

“I completely concur. We don’t intend to use the pension fund’s “ang pera – kukuha tayo ng pera” (obtain the money from the pension fund). That’s not what was intended. When asked about using the state pension funds as a financial source for the new MIF, Marcos told reporters, “We will not use it as a seed fund.

However, Marcos pointed out that pension funds may do so if they view the MIF as a “good investment.”

The man stated that it is up to the pension fund to determine whether or not to invest in the Maharlika Investment Fund.

“GSIS, they have been acting in this manner. They are making sure they are strong and stable so that they can make all the required payments. Therefore, we must distinguish between those two things, Marcos said.

After more than 12 hours of deliberations, the Senate on Wednesday passed the MIF law, which Marcos had earlier declared urgent. On the other side, the House of Representatives passed its version of the legislation in December 2022.

The House of Representatives approved Senate Bill (SB) 2020 during the bicameral conference committee.

The bill’s absolute ban on using funds from the GSIS, Social Security System (SSS), Philippine Health Insurance Corporation, Home Development Mutual Fund (Pag-IBIG), Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office in the capitalization and investments in the MIF is spelled out in the Senate’s version of the legislation.

According to SB 2020, the Maharlika Investment Corporation (MIC) will serve as the only entity for mobilizing and using the MIF for deals that produce the best investment returns.

Amenah Pangandaman, the budget secretary, claimed that the most recent action would continue economic growth in the Philippines and bring about “long-term” progress.

The Senate’s version of the MIF bill, which Pangandaman also supported, has “a lot of safeguards against possible abuse,” making the proposed public wealth fund more popular with Filipinos.

According to her, the Landbank of the Philippines, the Development Bank of the Philippines, privatization earnings, the Philippine Amusement and Gaming Corporation, and dividends from the Bangko Sentral ng Pilipinas are among the funding sources for the MIF.

The proposed MIF is an independent fund that upholds the values of good governance, transparency, and accountability. It will receive funding from various sources, including the investible funds of specific government financial institutions (GFIs), national contributions, BSP dividends, and other sources.

Aiming to strengthen the best-performing GFIs through additional investment platforms that will aid in achieving the national government’s priority plans, the scheme requires that the MIF be used to invest in strategic and commercial activities.

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