President Ferdinand Marcos Jr. expressed his commitment that government will not use the state pension fund for the proposed Maharlika Investment Fund. | DYGalvezINQ
The proposed measure creating MIF, which was certified as urgent by the President, was approved by Senate in the early hours of Wednesday, following over 12 hours of deliberations.
Under the Senate-approved bill, investments from the Social Security System, GSIS, Philippine Health Insurance Corporation, Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office are banned.It is now under consideration of the bicameral conference committee.
Department of Budget and Management earlier said the fund’s funding sources include Landbank of the Philippines, Development Bank of the Philippines, privatization proceeds, Philippine Amusement and Gaming Corp., and Bangko Sentral ng Pilipinas dividends. The proposed MIF is defined as an independent fund that will be sourced from the investible funds of select government financial institutions , from contributions of the national government, declared dividends of the BSP and other fund sources.
Under the scheme, MIF will supposedly be used to invest in strategic and commercial activities in a manner designed to promote fiscal stability for economic development.Subscribe to our daily newsletter
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