The Government Service Insurance System (GSIS) and the Social Security System (SSS) are prohibited from making investments in the Maharlika Investment Fund (MIF) under the recently approved bill.
However, the Department of Finance (DOF) clarified that these agencies are still permitted to participate in projects at the individual project level.
“For example, there is a big project worth P1 trillion, and the GSIS or SSS wants to subscribe or invest in the project because of its high return, they can do it. In the project, not on equity, they can do so,” DOF Secretary Benjamin Diokno said.
According to the Congress-approved Maharlika Investment Fund Act of 2023, there is absolute prohibition on government-owned or -controlled corporations or government agencies providing for the social security and public health insurance of the public from investing in the MIF.
National Treasurer Rosalia de Leon supported Diokno’s statement.
“(They) can participate at the project level, not in Maharlika Investment Corp.,” de Leon said.