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SSS, GSIS can invest in Maharlika projects: Diokno

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Jekki Pascual, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Activists hold a protest against the proposed Maharlika Investment Fund Bill in front of the Bangko Sentral ng Pilipinas headquarters in Quezon City on Wednesday, May 31. Maria Tan, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/06/03/20230531-maharlika-fund-protest-mt3.jpg"/><figcaption>Activists hold a protest against the proposed Maharlika Investment Fund Bill in front of the Bangko Sentral ng Pilipinas headquarters in Quezon City on Wednesday, May 31. <em>Maria Tan, ABS-CBN News</em></figcaption></figure></div><p>MANILA (UPDATE) - National Treasurer Rosalia de Leon and Finance Secretary Benjamin Diokno said that while the Social Security System (SSS) and the Government Service Insurance System (GSIS) are prohibited from investing in the Maharlika Investment Corporation (MIC), they can still invest in its projects.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/06/03/23/the-maharlika-investment-fund-as-approved-by-congress">EXPLAINER: The Maharlika Investment Fund, as approved by Congress</a></li></ul><p>This comes as critics of Maharlika said if the sovereign wealth fund loses money, the pensions of Filipino will be affected.</p><p>Speaking at a media briefing in Manila, De Leon said SSS and GSIS cannot invest or subscribe even in bonds. “Bawal directly and indirectly,” said the National Treasurer.</p><p>But De Leon and Diokno also clarified that SSS and GSIS may invest in the project level, but not in the MIC itself. </p><p>“Gusto mag-subscribe, mag-invest ng GSIS businesses in that project, they can do it…Sa project, not equity,&quot; De Leon said.</p><p>Both officials say the investment fund can help the economy and there will be a risk management unit to determine where the money will be invested. </p><p>They said MIC can also form a joint venture with conglomerates for big-ticket Public Private Partnership projects as well.</p><p>“Maharlika could be able to co-invest, maybe not in such a significant way dahil maliit pa lang ang kapital. But also the very fact na nandoon din si Maharlika, it means it is a seal of good governance given very transparent and accountability measures that’s already in the fund,” De Leon said on Maharlika’s co-investment opportunity with PPP projects.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2640484" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>Diokno, who will become the head of MIC as Secretary of Finance, said they will check all possible investment projects- big or small. They will also work on developmental projects that could have a high return.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2640481" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>“Mag invest sa stock market, mag invest sa short term bonds. May allocation talaga Ito. Pang long term, short term lang siguro high risk pero high return. Ang mag dedetermine noon Risk Management Committee,” said Diokno.</p><p>Among the additional sources of fund for Maharlika will be proceeds from the disposition of assets by the Privatization Management Office (PMO). P2.5 billion pesos of government properties are lined up to be sold this year, with around P152 million worth of assets just approved for sale last May 31, 2023.</p><p>Among the biggest in the pipeline are the P485 million Elorde Sports and Tourism Development Corporation, P368 million Emmanuel Community Hospital parcels of land, among other real estate properties.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2639325" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

National Treasurer de Leon and Sec. Diokno both said SSS and GSIS cannot invest in Maharlika even in bonds, but can invest only in the project itself.

SSS, GSIS can invest in Maharlika projects: Diokno

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SSS, GSIS can invest in Maharlika projects: Diokno

Jekki Pascual,

ABS-CBN News

Published Jun 05, 2023 08:29 AM PHT

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Updated Jun 05, 2023 10:16 AM PHT

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