Maharlika Investment Fund to take P275 billion from SSS, other government financial institutions potentially risking pensioners

The Maharlika Investment Fund is a proposed pooled fund the government can use to invest locally and abroad. The bill was authored by presidential cousin Speaker Ferdinand Martin Romualdez and several other lawmakers, including Martin’s wife, Tingog Party List Representative Yedda Romualdez, and presidential son Senior Deputy Majority Leader Sandro Marcos. MIF is based on the successful sovereign wealth fund of other countries in Asia, such as Singapore and Hong Kong. However, unlike those wealth funds mentioned above, the Philippines will not finance the Maharlika fund from excess wealth, foreign reserves, or profit from natural resources. Instead, the fund will get P275 billion from government financial institutions (GFIs) as start-up capital: – Government Service Insurance System (GSIS) – P125 billion – Social Security System (SSS) – P50 billion – Land Bank of the Philippines (Land Bank) – P50 billion – Development Bank of the Philippines (DBP) – P25 billion – National budget – P25 billion There are also expected annual contributions to the fund: – Bangko Sentral ng Pilipinas (BSP) – 50% of annual dividends – Philippine Amusement and Gaming Corporation (PAGCOR) – at least 10% of gross gaming revenue streams – National government – yearly contributions as determined in the annual national budget – Other sources, such as special assessments on natural resources and public borrowings Senators, lawmakers, and economists have criticized the bill for not having solid safeguards around its management, potentially putting pensioners at risk. BKM/ Expat Media
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