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Sandro confirms important changes to proposed 'Maharlika' fund

Philippines | National

Sandro confirms important changes to proposed 'Maharlika' fund

By Ellson Quismorio

Senior Deputy Majority Leader and Ilocos Norte 1st district Rep. Sandro Marcos has confirmed that the Government Service Insurance System (GSIS) and the Social Security System (SSS) would no longer be tapped to funnel money to the proposed Maharlika Wealth Fund (MWF).

Ilocos Norte 1st district Rep. Sandro Marcos (PPAB)

"After much deliberation between the authors/stakeholders and listening to our Kababayans (countrymen), the Maharlika Investment Fund will no longer draw from GSIS and SSS for funding," Marcos said in a Facebook post on Wednesday night, Dec. 7.

"We will instead be utilizing profits from the Bangko Sentral ng Pilipinas ," added the presidential son, who is among the main proponents of the measure.

Marcos made the post a few minutes after a fellow proponent, Marikina City 2nd district Rep. Stella Quimbo, held a press conference with House reporters on what could be described as running changes to the controversial measure.

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The P275-billion MWF is contained in House Bill (HB) No.6398. It's designed to act as the Philippines' own sovereign wealth fund.

The originally planned use of funds coming the GSIS and SSS as seed money for the MWF was by far the most controversial feature of the measure. The two government financial institutions (GFIs) are both dependent on member premiums.

Related Tags

Sandro SSS GSIS Sandro Marcos

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