Responding to queries regarding the proposed fund, Veloso made an impassioned speech saying the measure has the necessary safeguards and that additional funds are needed to provide benefits to members.
Government Service Insurance System president and general manager Jose Arnulfo “Wick” Veloso on Monday defended the proposed Maharlika sovereign wealth fund, as he said now is the time to invest and reap more funds for member benefits.
Under Republic Act 656 and as amended by Presidential Decree 245, the GSIS is mandated to insure all properties, assets, and interests of the government against any insurable risk. Veloso’s remarks come as a lawmakers in the House of Representatives filed a measure which seeks to establish the Maharlika Wealth Fund, which aims to allow the government to invest surplus reserves or revenues in real estate and financial assets.
Under the proposal, government financial institutions such as the GSIS, the Social Security System , the Land Bank of the Philippines , and the Development Bank of the Philippines will be allowed to invest their funds for higher returns.
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