Maharlika Investment Fund in need of ‘iron-clad’ provision

SENATE Minority Leader Aquilino “Koko” Pimentel III raised on Tuesday, May 30, 2023, the need for an “iron-clad” provision in the Maharlika Investment Fund bill that will ensure that pension funds will not be touched or compromised.

"While they removed the forced contribution from GSIS and SSS, the current version of MIF under consideration by the Senate would allow these social insurance institutions to invest in Maharlika voluntarily as long as their boards agree," Pimentel said. The provision was later removed following the tremendous backlash even from executives of GSIS and SSS.

The House of Representatives’ version of the measure was passed on December 15, 17 days after it was filed.

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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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