Metro Manila (CNN Philippines, June 6) — While the Government Service Insurance System (GSIS), Social Security System (SSS), and some other government-owned and controlled corporations (GOCCs) are prohibited from investing in the Maharlika Investment Corporation, they can invest in the same projects funded by the MIC, Senate Majority Leader Joel Villanueva said Tuesday.
Villanueva, who serves as caretaker of the Senate for two weeks, said it’s \”legit\” for the GOCCs to enter into a joint venture with the MIC -– or fund a project that is also financed by the sovereign wealth fund –- as long as they won’t put money to the Maharlika corporation or the fund it manages.
“May project kunwari itong ‘Microphone.’ Ito yung ‘Power Plant.’ Pumasok si MIC sa Power Plant. Si GSIS pumasok din sa Power Plant. Parehas sila pumasok sa Power Plant, nag-joint venture sila. Legit ‘yun,” explained Villanueva.
“This is Maharlika, hindi papasok si GSIS dito. Sa project, ito, pwede na siyang pumasok dahil may sarili siyang scrutinizing mechanism,” he added.
[Translation: For example, ‘Microphone’ has a project. This is the ‘Power Plant.’ MIC invests in the Power Plant. GSIS also invests in the Power Plant. They both invested in the Power plant, they did a joint venture. That’s legitimate…This is Maharlika and GSIS cannot invest in it. But when it comes to projects, the GSIS can fund them because it has a scrutinizing mechanism.]
Several provisions under the Congress-approved version of the Maharlika Investment Fund bill prohibit GOCCs involved in social security and public health insurance from investing in the MIC and the MIF.
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WATCH: Senate Majority Leader Joel Villanueva explains that SSS, GSIS, other gov't agencies involved in social security and public health insurance, can invest in projects financed by the Maharlika fund @cnnphilippines pic.twitter.com/DGatgPYf0E
— Eimor Santos (@eimorpsantos) June 6, 2023
