State-run pension funds Social Security System (SSS) and Government Service Insurance System (GSIS), which were removed as mandatory contributors to the Maharlika Wealth Fund, can still invest in the proposed sovereign wealth fund should they seek higher yields for their investible funds or assets, Finance Secretary Benjamin Diokno said Friday.
On Wednesday, House appropriations panel senior vice chairperson Stella Quimbo, one of the authors of the Maharlika Wealth Fund bill, announced that GSIS and SSS wereAside from GSIS and SSS, also removed from mandatory contributors to the sovereign wealth fund was the General Appropriations Act or the national budget law.
The House Committee on Appropriations adopted the amendments on the funding sources for the proposed sovereign wealth fund, which now mandates the Land Bank of the Philippines and the Development Bank of the Philippine to contribute P50 billion each to the Maharlika fund. Diokno, likewise, said the national government can also contribute as authorized by the General Appropriations Act or any supplemental appropriations.
Other authors of the measure were House Majority Leader Manuel Jose Dalipe, Senior Deputy Majority Leader Ferdinand Alexander Marcos, Tingog party-list Representatives Yedda Marie Romualdez and Jude Acidre, and Marikina City Representative Stella Luz Quimbo.“has been the imprimatur of the President”
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