The proposal of Senator Bato Dela Rosa to prohibit the use of government social welfare entities such as the Social Security System (SSS) and the Government Service Insurance System (GSIS) to invest in the Maharlika Investment Fund was adopted in the Congress’ final version of the Maharlika Investment Fund Bill.
Senate Bill No. 2020 or the Maharlika Investment Fund Act of 2023 underwent heavy and extensive scrutiny from members of the Senate during the plenary deliberation.
Sponsored by Senate Committee on Trade, Commerce and Entrepreneurship Chairman Mark Villar, the said measure seeks to maximize the government financial assets’ role in promoting economic growth, accelerating job creation, and improving the welfare of Filipinos.
Dela Rosa reiterated that he only had one condition to fully push for the passage of the controversial bill: not to allow government financial institutions (GFIs) and government-owned and controlled corporations (GOCCs) in charge of social security of employees in the public and private sector from investing in the new sovereign wealth fund.
“Giving GFIs and GOCCs the option to voluntarily invest in the Maharlika Investment Wealth Fund puts the pension of government retirees at risk-a gamble not worth taking.”
According to the former PNP Chief, giving GFIs and GOCCs the option to voluntarily invest in the Maharlika Investment Wealth Fund puts the pension of government retirees at risk-a gamble not worth taking.
“Meron palang isang provision doon sa ilalim na nagsasabi na pwedeng mag-investment, voluntarily. So just play of words ang nangyayari diyan,” the legislator said in a press briefing.
“Para klaro tayo, doon lang tayo sa una. ‘Di ba sinasabi doon sa una, wala? Hindi involved ‘yung mga GFIs, government financial institutions? Pagkatapos sa ilalim parang binabawi. So ‘yung provision na nagbabawi, nagko-contradict, ipapatanggal natin ‘yon,” the senator added.
President Ferdinand Marcos earlier included MIF as part of Legislative-Executive Development Advisory Council (LEDAC) priority bills according to House Speaker Ferdinand Martin Romualdez.
The Mindanaoan senator has expressed faith in the Marcos administration’s genuine intent in pushing for the establishment of the MIF.
“Hindi naman ‘yan siguro gagawin ng Malacanang kung ikakasira ng bansa natin.”
“Hindi naman ‘yan siguro gagawin ng Malacanang kung ikakasira ng bansa natin. Hindi naman siguro. Sino bang presidente-or for that matter, administration-ang gagawa ng mga hakbang na ikakasira ng kinabukasan ng kanyang bansa? Hindi naman siguro nila gagawin ‘yan. Siguro meron lang concerns itong ating mga kasamahan. Para rin naman sa kabutihan ng bansa ‘yung concerns nila, ‘di ba? So let’s work for the betterment of our country,” he said.
On May 30, 2023, during the afternoon MIF period of individual amendments, prior to its third reading approval, Dela Rosa proceeded to raise his proposed adjustment which was then accepted by Villar.
Additionally, on Wednesday, May 31, the last session before adjournment sine die of the first regular session of the 19th Congress, the Upper House adopted the Senate version of the measure.
