Senators removed a provision on the proposed Maharlika Investment allowing the Government Service Insurance System (GSIS), Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), Pag-IBIG Fund, Overseas Workers Welfare Administration (OWWA), and the Philippines Veterans Affairs Office (PVAO) to invest on the controversial fund.
“Provided, that other GFIs and GOCCs may invest into the MIF, subject to their respective investment and risk management strategies, and approval of their respective boards; Provided, further that the government agencies and GOCCS providing for the social security and public health insurance of government employees, private sectors, workers, and employees, and other sectors and subsectors, such as but not limited to the GSIS, SSS, PhilHealth, OWWA, PVAO, and Pag-IBIG, shall be absolutely prohibited whether mandatory of voluntarily to invest in the MIF: Provided, Furthermore, that the Investments from LBP, DBP, and other GFIS shall not exceed 25% of their net worth,” the amended bill cited.
“The rationale for this as many of our colleague including this representation has manifested on the floor in as much as we truly hope that the fund will be successful, we would like to ensure that the pension fund and aforementioned funds would not be touched to at least preserve this because we have experienced in the past the hard-earned money of our people were lost,” Senator Pia Cayetano said during the Senate session.
Senators passed on Wednesday the bill on the third and final reading of the Maharlika Investment Fund (MIF).
The MIF is a sovereign wealth fund that the government can use to make investments. 19 senators voted in favor of the bill while Senator Risa Hontiveros voted against it. Senator Nancy Binay abstained from the bill while Senator Koko Pimentel was not able to cast his vote.
A bicameral conference will be held on Wednesday to reconcile the versions of the Senate and the House of Representatives.
Senators Mark Villar, Pia Cayetano, Bato dela Rosa, Sherwin Gatchalian, Francis Tolentino, Pia Cayetano and Aquilino “Koko” Pimentel III will be representing the senate.
President Bongbong Marcos certified the MIF bill as urgent.
The bill will source its funds from the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP) and the National Government.
