Senate Majority Leader Joel Villanueva and fellow majority member Senator JV Ejercito have welcomed the decision of their House colleagues to drop the GSIS and SSS as contributors to the controversial Maharlika Wealth Fund.
Senate Majority Leader Joel Villanueva and fellow majority member Senator JV Ejercito have welcomed the decision of their House colleagues to drop the Government Service Insurance System and Social Security System as contributors to the controversial Maharlika Wealth Fund .“This is a welcome development and we thank our colleagues in the House of Representatives for heeding our call to exclude the GSIS and SSS pension funds from the proposed [MWF],” Villanueva said in a statement Thursday, Dec.
In place of the GSIS and SSS, the Bangko Sentral ng Pilipinas will now be tapped to contribute to the seed fund of the MWF. The committee-approved version of of MWF, embodied in House Bill No.6398, mandates a start up fund of P275 billion. “In other countries, their central banks are the ones who manage these funds, which is why we can look into giving the [BSP] the responsibility of managing the SWF as an independent financial institution,” Villanueva said.
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