Senator Francis Tolentino thinks he knows why the House of Representatives suddenly balked at plans to tap the Government Service Insurance System and Social Security System as contributors to the proposed P275-billion Maharlika Wealth Fund.
Senator Francis Tolentino thinks he knows why the House of Representatives suddenly balked at plans to tap the Government Service Insurance System and Social Security System as contributors to the proposed P275-billion Maharlika Wealth Fund .Tolentino was asked about this development on the MWF in a chance interview Thursday, Dec. 8.
“We leave that to the lower house kasi sila naman yung nag-initiate yung move na yun, sovereign fund ,” he said.“So siguro that was meant to diffuse certain issues concerning the said pension funds. And it took into consideration the sentiments of some economic managers, lalung lalo na yung Bangko Sentral ng Pilipinas ,” he further said.
On Wednesday night, Marikina City 2nd district Rep. Stella Quimbo and Ilocos Norte 1st district Rep. Sandro Marcos–two of the authors of House Bill No.6398–announced separately that the measure would be revised to exclude the GSIS and SSS as contributors. The House measure sets up the MWF, which is essentially a sovereign wealth fund. It will supposedly generate funds for big-ticket projects.
But the use of money from the GSIS and SSS–both generated by member premiums–have become a major sticking point.
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