Keep national budget off Maharlika fund, says lawmaker

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MANILA, Philippines — Northern Samar 1st District Rep. Paul Daza is pushing for the non-inclusion of the portion of the national budget as a source of funds for the Maharlika Investment Fund (MIF).

“It is clear that the process of dialogue, stakeholder discussions, and expert consultations are leading to improvements to the bill. I hope that the national budget will also be reviewed as an SWF funding source because I believe it does not belong there,” Daza said in a statement.

Daza likewise commended the announcement of Marikina 1st District Rep. Stella Quimbo last Wednesday that the proposed MIF would no longer include funds from the Government Service Insurance System (GSIS) and the Social Security System (SSS).

Under House Bill No. 6398, P275 billion would be earmarked for the country’s first sovereign wealth fund (SWF).

P125 billion would be sourced from the GSIS, P50 billion each from the SSS and the Land Bank of the Philippines, and P25 billion each from the Development Bank of the Philippines and the national budget.

With the removal of the P175 billion from GSIS and SSS, Quimbo said last Wednesday that they would turn to dividends from the Bangko Sentral ng Pilipinas.

“I reiterate that there is a proper way to execute this fund. Let us please not rush this through Congress. We must study this carefully and create a working MWF that would suit our current economic situation,” Daza noted.

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