The Maharlika Investment Fund (MIF) is seen to bolster economic activity and provide funding for critical infrastructure projects in the country.
Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo “Wick” Veloso made this remark Wednesday, where he tackled the benefits of the proposed wealth fund to government workers.
“Makikita po namin ang lahat ng oportunidad ng imprastraktura dito sa Pilipinas at makakapamili kami or what we call, we can cherry-pick the investments that will suit our risk parameters and credit risk management parameters that will allow our GSIS employees to benefit from all of these,” said Veloso in an interview over the People’s Television Network (PTV).
“Gusto ho natin na ang kita po ng ating mga GSIS employees ay lumago sapagkat sa paglago po nito, dito po natin mabibigyan ng mas maraming benepisyo,” he added.
Veloso also gave the assurance that the MIF will contain enough safeguards to ensure transparency and accountability.
“Mayroon po tayo ditong Board – kami po ang nandudoon sa Board of Directors, kami pong mga incorporator. Mayroon po tayong Advisory Board – ang Advisory Board, nariyan po ang Presidente na sinusuhestiyon po namin at nandiyan ang Secretary of Finance, Secretary of Budget and Management, NEDA (National Economic and Development Authority) head, Treasurer of the Philippines. Sila ang makakapag-guide sa amin, naririto ang mga oportunidad,” Veloso pointed out.
A lot of efforts have been invested in making sure the MIF is transparent, the GSIS chief added, particularly since it is part of the plan to bolster job security.
“Dito namin inilalagay ang atensiyon sapagkat ito ang kinakailangan ng Pilipinas sapagkat ito’y part of our 25-year plan or this is a need to be addressed for more jobs, economic activity,” Veloso said.
“Ang kailangan po namin dito ay mahanap iyong mga best and brightest. There are [a] number of very good fund managers that I’ve met, mga Pilipino who were able to work abroad at sila po ay nagbibigay ng napakagandang returns sa ating mga foreign na mga kumpanya,” he added.
Dr. Froilan Calilung, a political analyst and professor at the University of Santo Tomas (UST), echoed Veloso’s sentiments, saying the investment that will be funneled for the Maharlika Fund “is not going to come from the pension of the members.”
“I believe that is a good thing. If kung ito ay manggagaling sa investible funds I think ay wala tayong magiging problema roon,” said Calilung.
“I believe that there are three layers of audit aside from the internal audit, may isang internationally accredited firm that will also be doing the audit, and then mayroon din auditing that will be coming from the COA since this is going to be a government corporation,” Calilung added.
The UST professor also cited the composition of the MIF board, which he said would have independent members to ensure the safety nets are in place.
“I think also maganda rin iyong composition noong Board dahil nga mayroon ditong mga independent na magiging miyembro iyong mismong 15-non Board which I believe is good. I understand their proposals na itong mga independent directors na ito ay manggagaling halimbawa sa academe, o sa ibang mga business clubs which I think also will try to balance out the composition,” Calilung explained.
House Bill No. 6398 defines MIF as an independent fund that adheres to the principles of good governance, transparency and accountability.
The proposed measure states that the fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing government financial institutions (GFIs) through additional investment platforms that will help attain the national government’s priority plans.
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