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Manila Bulletin devider Business devider Maharlika may form joint venture deals with GSIS, SSS

Maharlika may form joint venture deals with GSIS, SSS

Published Jun 4, 2023 05:20 pm

EMBARGOED UNTIL JUNE 5, 12AM MONDAY

The Department of Finance (DOF) revealed that the Maharlika Investment Corp. (MIC) has the option to partner with the Government Service Insurance System (GSIS) and Social Security System (SSS) through joint ventures. While the state-owned pension and insurance funds are barred from making investments in the MIC, Finance Secretary Benjamin E. Diokno pointed out that they can still engage in joint venture agreements for potential business opportunities. Diokno said MIC and government-owned and -controlled corporations (GOCCs) may collaborate in undertaking large infrastructure projects. Under the final version of the proposed sovereign wealth fund, GOCCs such as GSIS, SSS as well as the Philippine Health Insurance Corp., Home Development Mutual Fund, among others are prohibited from contributing to the capitalization of the MIC. The Maharlika Investment Fund bill was approved by Congress last May 31 after it underwent thoughtful deliberation by the House of Representatives and the Senate. “We believe that the version crafted by our legislators will create a Fund that can accelerate investments in high-impact infrastructure and development projects,” Diokno said. He added that “The MIF bill provided the necessary safeguards to maintain transparency, accountability, fund integrity, and robust risk management.” The approved legislation is now in the process of enrollment and will be transmitted for the approval and signature of President Marcos. “The expeditious establishment of the Maharlika Investment Fund (MIF) will provide the government cushion against external headwinds that now imperil the attainment of our near- and medium-term macroeconomic and fiscal targets,” Diokno said. Last June 1, Diokno lauded Congress for the swift approval of the MIF Act of 2023 after the House of Representatives adopted the Senate version of the bill. “I thank our legislators for their thoughtful deliberation and timely approval of the Maharlika Investment Fund bill,” Diokno said. “The economic team is resolute in its commitment to ensure that the entity created will be able to generate returns that will redound to inclusive and sustainable economic growth,” he added. Diokno said the MIF, the country’s first-ever sovereign wealth fund, will optimize national funds by generating returns to support the Marcos administration’s economic goals. He said the fund will be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate, and high-impact infrastructure projects.
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