NATIONAL
Advocates Philippines
Government Assures State Pension Fund Will Not Be Used For Maharlika Investment Fund
Photo credit: PCO
Pasay City, Philippines - President Ferdinand R. Marcos Jr. affirmed on Wednesday that the state pension fund would not be utilized for the newly-approved Maharlika Investment Fund (MIF). His assurance came during an interview after attending the 87th Anniversary of the Government Service Insurance System (GSIS) in Pasay City, where he discussed the possibility of using the state pension funds as a funding source for the MIF.
President Marcos Jr. clarified, "I perfectly agree. We have no intention of using the pension fund's money. That's not the intention. We will not use it as a seed fund." He further explained that while the pension fund itself could invest, it would be the decision of the fund to determine if investing in the Maharlika Investment Fund is a good opportunity.
The Senate approved the Maharlika Investment Fund Bill on Wednesday following over 12 hours of deliberations. The House of Representatives had previously approved its own version of the bill in December of last year. Recognizing its urgency, President Marcos Jr. had certified the bill for immediate action. The bill will now undergo a bicameral conference consideration.
According to the Department of Budget and Management (DBM), the Maharlika Investment Fund will be funded through various sources. These include the Landbank of the Philippines, the Development Bank of the Philippines, privatization proceeds, the Philippine Amusement and Gaming Corp., and dividends from the Bangko Sentral ng Pilipinas.
The proposed MIF is an independent fund that upholds the principles of good governance, transparency, and accountability. It will primarily derive its funds from the investible funds of select government financial institutions (GFIs), contributions from the national government, dividends from the Bangko Sentral ng Pilipinas, and other identified sources.
The government insists that the purpose of the Maharlika Investment Fund is to invest in strategic and commercial activities that promote fiscal stability for economic development. Additionally, it aims to strengthen the top-performing GFIs by providing additional investment platforms aligned with the national government's priority plans.
President Marcos Jr. clarified, "I perfectly agree. We have no intention of using the pension fund's money. That's not the intention. We will not use it as a seed fund." He further explained that while the pension fund itself could invest, it would be the decision of the fund to determine if investing in the Maharlika Investment Fund is a good opportunity.
The Senate approved the Maharlika Investment Fund Bill on Wednesday following over 12 hours of deliberations. The House of Representatives had previously approved its own version of the bill in December of last year. Recognizing its urgency, President Marcos Jr. had certified the bill for immediate action. The bill will now undergo a bicameral conference consideration.
According to the Department of Budget and Management (DBM), the Maharlika Investment Fund will be funded through various sources. These include the Landbank of the Philippines, the Development Bank of the Philippines, privatization proceeds, the Philippine Amusement and Gaming Corp., and dividends from the Bangko Sentral ng Pilipinas.
The proposed MIF is an independent fund that upholds the principles of good governance, transparency, and accountability. It will primarily derive its funds from the investible funds of select government financial institutions (GFIs), contributions from the national government, dividends from the Bangko Sentral ng Pilipinas, and other identified sources.
The government insists that the purpose of the Maharlika Investment Fund is to invest in strategic and commercial activities that promote fiscal stability for economic development. Additionally, it aims to strengthen the top-performing GFIs by providing additional investment platforms aligned with the national government's priority plans.
May 31, 2023
