GSIS and SSS Funding Removed from Latest Maharlika Investment Fund Bill
Posted on 12/16/2022
In the Philippines, there is debate forming the Maharlika Investment Corporation and a corresponding Maharlika Investment Fund. The Maharlika Investment Fund was initially proposed to receive 125 billion PHP from the Government Service Insurance System (GGIS) and 50 billion PHP from the Social Security System (SSS). Following serious criticism, the sponsors of the Maharlika legislation removed GGIS and SSS funding.
Initially, the Maharlika Investment Fund would be sourced from the investible funds of select government financial institutions, from contributions of the National Government, Land Bank of the Philippines (LBP) and Development, Bank of the Philippines (DBP), Philippine Amusement and Gaming Corporation, the Bangko Sentral ng Pilipinas, and other sources of funds. The Philippine Amusement and Gaming Corporation is both a gaming regulator and operator. The legal ownership of the Maharlika Investment Fund would pertain to the fund investors in proportion to their contributions. The investment corporation would be based out of Metro Manila.
The Maharlika Investment Fund would be tasked to invest on a strategic and commercial basis in a manner that will promote fiscal stability and strengthen top-performing global financial institutions by providing them with additional investment platforms that will help attain the National Government’s priority plans.