Sen. Imee Marcos cautions against using SSS, GSIS contributions to finance Maharlika Investment Fund
Senator Imee Marcos on Friday expressed her apprehensions about the proposed Maharlika Investment Fund, a sovereign wealth fund whose initial investment will come from, among others, Social Security System and the Government Service Insurance System (GSIS).
The 276-billion Maharlika fund has been proposed under House Bill 6393 by a group of administration congressmen led by her cousin House Speaker Martin Romualdez and nephew Ilocos Norte Rep. Sandro Marcos,
Marcos acknowledged that while she had yet to scrutinize the bill, Marcos said the Maharlika fund being pushed in the Lower House is making her nervous considering the current economic status of the country and the looming global recession.
“Ako kinakabahan sapagka’t sa panahong ito na ang sama ng ekonomiya pati ang World Bank sabi bagsak na bagsak sa susunod na taon sa 2023. Sa kalagitnaan, lalala pa raw. Diyos ko! Papaano na lang tayo,” Marcos told reporters after she led the distribution of Assistance to Individuals in Crisis Situations in Brgy. Valenzuela, Makati City.
Under the bill, the Maharlika fund’s initial investment will come from the Government Service Insurance System (GSIS) (PHP125 billion); the Social Security System (SSS) (PHP50 billion), as well as Land Bank of the Philippines (LBP) (P50 billion); and the Development Bank of the Philippines (DBP) (PHP25 billion).
The senator also expressed reservations about how the government would manage its finances when the country is faced with heavy foreign and local debt, aside from other obligations to local sectors like the health workers and senior citizens.
“Hindi naman ako ekonomista pero sa tingin ko, nakakatakot yatang ipusta yung retirement fund, yung pension fund ng GSIS. Nakakatakot yata. Wag naman. ‘Invest so-called pero high-risk pa rin,” she added.
Marcos admitted that while gathering funds from GFIs may be a good idea, they should be invested in the agriculture and energy sectors instead.
“Gamitin sa tamang pamamaraan katulad ng patubig, yung mga dam natin na bulok kaya wala tayong agriculture at magtataasan ang presyo ng mga imported food. Yung ating kuyente ay lumolobo din,” the lawmaker said.
She also said that adopting Norway’s model for putting up a sovereign wealth fund may not be applicable to the country. Unlike Norway, which had a windfall from North Sea oil and gas profits which it used to seed its sovereign wealth fund, the Philippines lacks excess revenues.
“Nagkaroon ng sovereign fund nung nagkaroon sila ng North Sea oil and gas profits. They got a windfall. Kumbaga, nanalo sila ng lotto ika nga. Wala naman tayong napapanalunan. Nakakanerbyos,” she said adding that this idea should be weighed carefully first.
On December 2, Marcos issued a statement on Facebook regarding the proposed Maharlika Investment Fund.
While some netizens were surprised to find themselves agreeing with a Marcos on the Maharlika fund issue, many remain unconvinced that Imee is truly acting in good faith and not merely making a show of opposing her more powerful brother.
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