Senator Francis “Chiz” Escudero stated there are not any research on the sources of funding for the proposed Maharlika Investment Fund (MIF).
“Kada araw nagbabago depende kung sino ang kausap mo, nagbabago depende kung sinong congressman at senador ang kausap mo na nagsusulong nito. May kanya kanyang opinion sila, ang pinagbabatayan ko lamang ay ang nakasulat sa mga panukalang batas na pending sa Senado at yung inaprubahan ng Kamara,” Escudero stated in The Mangahas Interviews when requested if there are enough funds to create the MIF.
(Every day, it adjustments relying on who you speak to. It adjustments relying on which congressman and senator you speak to. They have their very own opinion; I solely depend on what was written within the invoice pending within the Senate and the one accredited by the House.)
“Walang pag-aaral na sumusuporta kung saan kukunin. Kung maalala mo unang kukunin ‘yan sa GSIS at SSS, ang daming pumalag,” he said.
(There is no study to support where it will be sourced. If you remember, it was first proposed to be sourced from the GSIS and SSS; however, many opposed the idea.)
Last December, the House of Representatives passed House Bill 6608, or the Maharlika Investment Fund Act, providing for an independent fund that shall be sourced from the investible funds of select government financial institutions (GFIs), from contributions of the national government, declared dividends of the Bangko Sentral ng Pilipinas (BSP), and other fund sources.
The authors originally planned for the investible funds of the Government Service Insurance System and the Social Security System to be included as sources for the proposed sovereign wealth fund’s capital, an idea they later dropped after pensioners expressed their concerns, said co-author Marikina City Representative Stella Quimbo.
Under the proposed measure, the fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s precedence plans.
Meanwhile, the Senate is presently deliberating by itself model of the MIF invoice.
Last month, Albay Representative Joey Salceda, who chairs the chamber’s methods and means panel, disclosed that the MIF invoice underwent a revision through the Christmas break.
In specific, dividends from government-owned and managed companies (GOCCs) will initially help the MIF, eradicating dividends from the BSP and state-run banks from the pool of fund sources.
Finance Secretary Benjamin Diokno has expressed opposition to the proposal to make the dividends from GOCCs the preliminary funding supply of the MIF, saying this is able to be tedious and would require altering the state companies’ charters. — VBL, GMA Integrated News
Source: www.gmanetwork.com
