Former Senate President Franklin Drilon warned those prohibited to invest in the projects of the Maharlika Investment Fund that they could be held liable if they invest in it or in any of its activities. | MAgerINQ
This prohibition, he said, was clearly stated inThe governments’ economic managers, however, had a different take on the bill when they earlier claimed that SSS and GSIS can still infuse funds into projects to be funded by the MIF.“What the Congress directly prohibits cannot be done indirectly,” according to Drilon. “Let’s avoid making pronouncements that undermine this prohibition and sidestep the intent of Congress.
The senator instead urged the government to “respect the boundaries and legislative intent established by Congress regarding the prohibition.” He also warned that the Board of Directors of state-run pension firms can be held liable if they invest in the MIF or in any of its activities.“The prohibition against state pension funds investment into MIF is there precisely to safeguard the integrity of the funds and protect the pension of the retirees,” he said.
“The provisions would protect public funds held in trust from undue exposure or risks associated with the establishments of a state-owned investment fund,” added.Your subscription could not be saved. Please try again.
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