Authors of the proposed Maharlika Wealth Fund have dropped state pension funds GSIS and SSS as mandatory contributors to the proposed sovereign wealth fund, House appropriations panel senior vice chairperson Stella Quimbo of Marikina City said. READ:
Authors of the proposed Maharlika Wealth Fund have dropped state pension funds Government Service Insurance System and Social Security System as mandatory contributors to the proposed sovereign wealth fund, House appropriations panel senior vice chairperson Stella Quimbo of Marikina City said Wednesday.
“That is why we decided that we won’t compel the GSIS and SSS to contribute. After all, the goal of this fund is to look for a surplus fund to be an investment vehicle for higher returns that will yield a higher budget for government programs," Quimbo added. “We will know the amount on Friday. It will not be considerably smaller. The amount [left] will still be big enough to start an investment fund,” Quimbo added, referring to the committee deliberations on the measure on Friday.
Quimbo said that the Maharlika fund will allow government financial institutions to raise huge amounts of funds at an unprecedented level necessary to achieve progress. Quimbo said that there is still a huge unmet funding requirement for social services such as government subsidy, hospitals, education, airports, bridges and flood control projects.
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