Metro Manila (CNN Philippines, December 7) — The Maharlika Wealth Fund (MWF) bill will be amended to remove major pension funds as funding sources, Marikina Rep. Stella Quimbo said Wednesday.
In a press statement, Quimbo — one of the bill’s authors and vice chairperson of the House appropriations committee — said the proposed sovereign wealth fund will utilize profits of the Bangko Sentral ng Pilipinas (BSP) instead of sourcing it from the Social Security System (SSS) and Government Service Insurance System (GSIS).
Under House Bill 6398 creating the fund, proponents identified the initial investment of ₱250 billion to come from the GSIS (₱125 billion), SSS (₱50 billion), Land Bank of the Philippines (₱50 billion), and Development Bank...