The funds for social security and public health insurance will remain intact amid the passage of the law creating the Maharlika Investment Fund (MIF).
President Ferdinand 'Bongbong' Marcos Jr. delivers his second State of the Nation Address (SONA) on July 24, 2023 at the Batasan Pambansa. (Noel B. Pabalate)
This was the assurance made by President Ferdinand "Bongbong" Marcos Jr. to the public during his second State of the Nation Address (SONA) on Monday, July 24.
He reiterated that "sound financial management" of the Maharlika Fund will be ensured.
"To ensure sound financial management, a group of internationally recognized economic managers shall oversee the operations of the Fund, guided by principles of transparency and accountability. This guarantees that investment decisions will be based on financial considerations alone, absent any political influence," Marcos said.
"The funds for the social security and public health insurance of our people shall remain intact and separate," he stressed.
This was among the 68 statements he made in his second public address that was applauded by officials and guests inside the Plenary Hall of the Batasan Pambansa in Quezon City.
The President mentioned the controversial MIF, which was recently signed into law, as he outlined the government's infrastructure priority projects. He pointed out that with MIF, the country now has a fund it can use without added debt.
"For strategic financing, some of the nation’s high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden," Marcos explained.
He further said that in pooling a small fraction of the considerable but underutilized government funds, the Fund shall be used to make high-impact and profitable investments, such as the Build-Better-More program.
"The gains from the Fund shall be reinvested into the country’s economic well-being," he said.
On July 18, Marcos signed Republic Act (RA) 11954 which he tagged as an "extremely important measure" for the country's economic development.
In the House version of the bill, the Fund would source P125 billion from the Government Service Insurance System (GSIS) and P50 billion from the Social Security System (SSS).
It was, however, struck down from the Senate version of the bill, stating that the fund would be initially composed of P50 billion from the Land Bank of the Philippines, P25 billion from the Development Bank of the Philippines, and P50 billion from the national government.
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