The Makabayan bloc is up in arms over the Senate's attempt to reinclude pension handlers Government Service Insurance System (GSIS) and Social Security System (SSS) in the controversial Maharlika Investment Fund (MIF) as fund contributors.
The inclusion of pension institutions the Government Service Insurance System and Social Security System as seed money contributions to the controversial Maharlika Investment Fund under the Senate version of the measure worries the Makabayan bloc.
The Makabayan bloc is up in arms over the Senate's attempt to reinclude pension handlers Government Service Insurance System and Social Security System in the controversial Maharlika Investment Fund as fund contributors.ACT Teachers Party-list Rep. France Castro, Gabriela Party-list Rep. Arlene Brosas, and Kabataan Party-list Rep. Raoul Manuel comprise the Makabayan bloc in the House.
"We are dismayed that the Senate is choosing to disregard the widespread sentiment expressed by workers in the private and public sector throughout the country for the government to keep its hands away from their pension funds. They do not want government to gamble with their retirement benefits in its questionable pursuit of high returns," they added.
But the Makabayan bloc, which rejected HB No.6608 despite its many revisions, doesn't like the Senate version of MIF one bit. "Of this, the seed fund will consist of P50 billion from the Land Bank of thr Philippines , P25 billion from the Development Bank of the Philippines , and P50 billion from the national government, to be sourced from its share in Pagcor income as well as other government-owned or-regulated gaming operators; properties identified by the Privatization Council of the DOF , together with proceeds from privatization; as well as 'other sources', for a total of P125 billion," the...
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