Treasury says Maharlika won’t use funds for govt's social programs | ABS-CBN

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Treasury says Maharlika won’t use funds for govt's social programs

Treasury says Maharlika won’t use funds for govt's social programs

Job Manahan,

ABS-CBN News

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 Protesters picket in front of the Senate in Pasay City on May 23, 2023, calling for the rejection of the Maharlika Investment Fund Bill. The Senate version of the bill allows the GSIS, SSS, and PAG-IBIG to invest workers pension and housing funds in the MIF and increased its capital to P500 billion. Mark Demayo, ABS-CBN News
Protesters picket in front of the Senate in Pasay City on May 23, 2023, calling for the rejection of the Maharlika Investment Fund Bill. The Senate version of the bill allows the GSIS, SSS, and PAG-IBIG to invest workers pension and housing funds in the MIF and increased its capital to P500 billion. Mark Demayo, ABS-CBN News

MANILA — The Bureau of Treasury on Saturday assured the public that the proposed Maharlika Investment Fund would not use the government's budget for social services to seed this, amid mounting worries regarding the matter.

National Treasurer Rosalia de Leon said while P50 billion from seed funding would come from the government, this would not tap the budget for social programs, as it would be sourced from the dividends of the Bangko Sentral ng Pilipinas and the Philippine Gaming Corporation (Pagcor).

“Walang case [of] the social projects like health services, education mawawalan ng pondo because of Maharlika,” said De Leon in a news forum in Quezon City.

“In fact, pwede ang Maharlika later on [will] complement and provide additional support for our health sector as long as they would also — like health care magiging commercially viable or revenue generating ang mga ganoong investments,” she added.

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The official said government could also seed Maharlika’s funds on their end through proceeds from privatization and transfer of public assets.

“In effect, hindi naman maka-crowd out ang social development projects kasi yung mga projects na yun nasa budget, yung budget will be fully funded by the national government,” she said.

Based on Congress’ approved version, the Maharlika fund will have an initial capital of P500 billion from the central bank, gaming revenues, and 2 government-owned banks.

Experts feared however there could be a leeway for the proposed investment fund to dip into public’s money, which in turn could impact budget for government projects.

President Ferdinand Marcos Jr. this week said he would sign the proposed law creating the Maharlika Investment Fund "soon" after it reaches his office.

The President said he would still need to look into the changes made in the Congress' approved version of the proposed sovereign wealth fund, which he said should be independent from government to become successful.

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