PRESIDENT Marcos Jr. yesterday assured the public that the national government has no plan to use state pension funds as “seed fund” for the Maharlika Investment Fund (MIF).
The President said it would be up to the officials managing the state pensions to decide on whether to invest in the MIF.
He added state pension firms and corporations usually invest in “solid” and “stable” investments.
“We have no intention of using iyung… pera ng (the money from) pension fund…We will not use it as a seed fund,” he said in an interview on the sidelines of the 87th anniversary celebration of the Government Service Insurance System (GSIS).
“We will not use it as a seed fund. However, if a pension fund — which is what pension funds do, is they invest — if the pension fund decides that Maharlika fund is a good investment, it’s up to them if they want to invest in it,” he added.
The President has said that the proposed sovereignty fund bill, which has certified as urgent, is expected to boost economic activity and provide funding for critical infrastructure projects.
The Senate approved on third and final reading Senate Bill 2020, or the establishment of the MIF, yesterday, the eve of Congress’ break. The House passed its version last December.
The proposed law also prohibits the use of funds of the GSIS, Social Security System (SSS), Philippine Health Insurance (PhilHealth) Corporation, Pag-IBIG, Overseas Workers Welfare Administration (OWWA), Philippines Veterans Affairs Office (PVAO).
Under the proposed bill, the MIF will be funded mainly through the Land Bank of the Philippines, Development Bank of the Philippines, and the national government. Additional funding contributions would come from the Bangko Sentral ng Pilipinas’ total declared dividends; the national government’s share from the income of Philippine Amusement and Gaming Corporation (PAGCOR); properties, real and personal identified by the Finance department’s Privatization and Management Office; and other sources such as royalties and/or special assessments.
Executive Secretary Lucas Bersamin, Finance Secretary Benjamin Diokno, Budget and Management Secretary Amenah Pangandaman, National Economic and Development Authority Secretary Arsenio M. Balisacan, and Bangko Sentral ng Pilipinas Governor Felipe Medalla were present during the Senate’s passage of the bill.
