The Senate minority bloc is pushing for an “iron-clad” provision in the Senate’s version of the proposed Maharlika Investment Fund Act to guarantee that pension funds in the Government Service Insurance System and the Social Security System would not be compromised in the MIF bill.
“Our workers’ hard-earned pension should be shielded from any adverse implications that could arise from the establishment of MIF,” Pimentel stressed. The House of Representatives’ earlier version of the bill had sought to tap the GSIS and SSS funds as the source for the initial capital of the proposed sovereign wealth fund.Sen.
“GSIS and SSS funds are owned by the members. They are not government funds and should not be touched by the government for our own disposal,” she said, adding that “it shouldn’t be an optional at all.” “Hindi pwedeng pilitin . Hindi puedeng hingan . Pero kung kusa at boluntaryong magbibigay, tatanggapin naman ,” the minority leader further said.
“I think we’ve debated this extensively. I’ve answered all the interpellations. And without prejudice to the amendments being proposed, I’d like to object and I’d like to move to close interpellations,” Villar said.Senate President Juan Miguel “Migz” Zubiri said the minority bloc was given all the opportunity to interpellate the past 10 hours.
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Senate‘s Maharlika bill allows GSIS, SSS to invest in sovereign wealth —RisaState pension institutions may still invest in the Maharlika Investment Fund (MIF) under the Senate version of the measure even after their removal as mandatory sources of the sovereign wealth measure, Senator Risa Hontiveros said on Monday.
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House 'very eager' to adopt Senate version of Maharlika billSection 12 of the Senate version of the MIF provides that government financial institutions, government-owned and -controlled corporations (GOCCs) “may invest into the MIF, subject to their respective investment and risk management strategies and approval of their respective boards.” In contrast, the House version approved on third and final reading in December 2022 explicitly states that “under no circumstance that the GOCCs providing for the social security of government employees, private sectors, workers and employees, and other sectors and subsectors, such as but not limited to the Government Service Insurance System (GSIS), Social Security System (SSS), and Home Development Mutual Fund, be requested or required to contribute to the MIF.”
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GSIS, SSS boards to decide on Maharlika Fund investment --- DioknoFinance Secretary Benjamin Diokno on Tuesday, May 30, said that it is up to the boards of directors of state pension institutions, such as the Social Security System (SSS) and Government Service Insurance System (GSIS), to invest into the proposed Maharlika Investment Fund (MIF).
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