The House Committee on Appropriations has officially dropped the Government Service Insurance System (GSIS) and Social Security System (SSS) as sources of funds for the controversial Maharlika Wealth Fund (MWF).
The House Committee on Appropriations has officially dropped the Government Service Insurance System and Social Security System as sources of funds for the controversial Maharlika Wealth Fund .
This, after the appropriations panel approved during a public hearing Friday, Dec. 9 the revised funding provision of the now-unnumbered bill seeking to institutionalize a Philippine sovereign wealth fund. The title of the measure reads, “”An Act establishing the Maharlika Wealth Fund, providing for the management, investment, and use of the proceeds of the fund, appropriating funds therefore and for other purposes.”
Replacing the GSIS and SSS as contributors to the proposed MWF is the Bangko Sentral ng Pilipinas , officials of which attended the panel hearing as resource persons. Marikina City 2nd district Rep. Stella Quimbo, an author of the proposed statute and senior vice chairperson of the panel, moved to replace the entire Section 9 or appropriations provision of the unnumbered bill, which was based on House Bill No.6398, or the MWF bill as initially filed in the 19th Congress.
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