The door is still open for the Government Service Insurance System (GSIS) and Social Security System (SSS) to invest in the Maharlika Wealth Fund (MWF) even if they’re no longer required to add to the seed money for now.
Finance Secretary Benjamin Diokno said the exclusion of GSIS and SSS as funding sources to the MWF was made “without prejudice for them to contribute later.”
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“We are not mandating them to contribute, but if they are looking for higher returns –– because right now, most of their money is invested in Treasury bills and they don’t earn that much, I think,” the Cabinet official said.
“If they want higher return, they may decide to contribute. That is up to their respective boards of GSIS and SSS,” he added.
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House leaders led by Speaker Martin Romualdez announced that House Bill 6398 creating the MWF will be amended to limit the funding sources to the BSP’s profits, as well as a combined P75 billion infusion from the Land Bank of the Philippines and Development Bank of the Philippines.
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Diokno said he is personally not satisfied with returns on T-bills, adding that there’s a higher potential income from other investment instruments which the MWF will tap.