Senate set to pass MIF bill

Solons ban GSIS, SSS, 3 gov’t firms from investing in wealth fund

By Maricel V. Cruz and Macon Ramos-Araneta

Senators were poised to pass the chamber’s version of the Maharlika Investment Fund (MIF) bill last night, even as they successfully introduced an amendment that explicitly prohibits government institutions from investing in the country’s proposed sovereign wealth fund.

Sen. Raffy Tulfo proposed the amendment that explicitly prohibits agencies such as the Government Service Insurance System, Social Security System, Pag-IBIG Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office from investing in the proposed Maharlika fund.

Meanwhile, the House of Representatives is “very eager” to adopt the Senate version of the MIF bill – certified urgent by President Ferdinand Marcos Jr. -- once approved at the upper chamber, Majority Leader and Zamboanga City Rep. Mannix Dalipe said.