Maharlika fund bill set to pass second reading - BusinessMirror

The House of Representatives will approve the proposed P270-billion Maharlika Wealth Fund on second reading before the Christmas break of the Congress on December 17.

THE House of Representatives will approve the proposed P270-billion Maharlika Wealth Fund on second reading before the Christmas break of the Congress on December 17.

The measure proposes to initially exact funding a total of P270 billion for future investments from top government financial institutions , such as the Government Service Insurance System and the Social Security System and national government.HOUSE Deputy Minority Leader and Bagong Henerasyon Rep. Bernadette Herrera-Dy encouraged her fellow lawmakers to take a step back and examine its mechanics more cautiously.

Similarly, since the SSS and GSIS are consolidated funds that are collected from registered members, Herrera feels that using these to benefit non-members and non-contributors may be a violation of their respective charters.THE lawmaker, likewise, advised that the fundamental intent and function of the proposed MWF be clarified.

Building on this point, the lawmaker cited the emotional and financial gravity involved in the source of funds.

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