Iloilo City Mayor Jerry Treñas thanked the House of Representatives for removing the Social Security System (SSS) and the Government Service Insurance System (GSIS) as funding sources for the proposed Maharlika Investment Fund (MIF).
The decision, according to Treñas, “will ensure that the contributions of the employees from the private and public sector” are protected.
“As an SSS pensioner and a future GSIS pensioner I am very thankful for this decision of the House of Representatives,” he said.
On Friday, Dec. 9, the House Committee on Appropriations approved the exclusion of funds from SSS and GSIS.
House appropriations vice chairperson Marikina City 2nd District Representative Stella Quimbo said MIF will “utilize profits of the Bangko Sentral ng Pilipinas” instead.
House Bill 6398, which was filed by Speaker Martin Romualdez, presidential son and Ilocos Norte Rep. Ferdinand Alexander “Sandro” Marcos, and other administration allies including Quimbo, seeks to establish a P275-billion sovereign wealth fund with an initial investment of P250 billion from the GSIS, SSS, Land Bank of the Philippines and Development Bank of the Philippines (DBP), and P25 billion from the national government.IMT
