Marcos says gov't has no intention to use ''pension funds'' for Maharlika Investment Fund
By Robina Asido
President Ferdinand Marcos Jr. said that the government has no intention to use the "state pension funds" as "seed fund" for the Maharlika Investment Fund.
"I perfectly agree. We have no intention of using the money from the pension fund... We will not use it as a seed fund," Marcos said during a media interview following the 87th Anniversary of the Government Service Insurance System (GSIS) in Pasay City on Wednesday.
"We will not use the pension fund as a seed fund," he added.
However, Marcos said that "if the pension fund decides the Maharlika Fund is a good investment, it’s up to them if they want to invest in it. So not only pension funds but corporations".
The proposed measure that seeks to establish the sovereign wealth fund was certified as urgent by Marcos before it was approved on third and final reading in the Senate early Wednesday.
The Senate version of the Maharlika wealth fund was also adopted by the House of Representatives during the bicameral conference on the same day.
According to the Department of Budget and Management (DBM) the fund’s funding sources include the Landbank of the Philippines, the Development Bank of the Philippines, privatization proceeds, the Philippine Amusement and Gaming Corp., and Bangko Sentral ng Pilipinas dividends.
The MIF shall be used to invest in a strategic and commercial activities in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority plans. DMS