SPEAKER Martin G. Romualdez and other leaders of the House of Representatives on Wednesday decided to remove the Social Security System (SSS) and Government Service Insurance System (GSIS) as contributors to the proposed Maharlika Wealth Fund (MIF).

Marikina City Rep. Stella Quimbo, a co-author of Romualdez of the MIF bill, said they made the decision after meeting with the administration’s economic managers, who drafted the measure.

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

Upon the Speaker’s instructions, Quimbo said the changes would be introduced into the bill by the committee on appropriations in a meeting on Friday.

“Maganda na nagsagawa tayo ng series of consultations ukol sa panukala; na-validate ang mga agam-agam ng ating mga kababayan, lalo na ang masisipag na manggagawang Pilipino, na buwan-buwang naghuhulog ng GSIS at SSS contributions,” she added.

Quimbo pointed out that the purpose of the proposed Philippine sovereign wealth fund “is to become an investment vehicle where existing surplus capital of the government can grow and reap benefits.”

“Anoman ang sobrang kapital ng gobyerno ay mabuting ipuhunan sa mga proyekto na may high returns. Sa taumbayan din ang balik ng kita ng investments ng Maharlika na mararamdaman sa mas mataas na budget para sa mga programa ng gobyerno na tutugon sa pangangailangan ng bawat Pilipino,” Quimbo added.

As the bill goes through the deliberation and approval process, Quimbo said the House “will put in place safety nets to ensure the success of the project.”

“Dapat masiguro na ang batas na maglilikha ng Maharlika Fund ay mayroong katapat na probisyon na magtatakda sa pangangalaga ng pondo ng bayan,” Quimbo said.

AUTHOR PROFILE

Ryan Ponce Pacpaco