A proposed legislation that has the charm of an earthquake is reportedly being railroaded at the House of Representatives. HB 6398 proposes to sequester pension funds under the Government Service Insurance System and Social Security System. Know more:
The start-up fund of P250 billion is just the appetizer for the ambitious sovereign wealth fund. Future annual infusions are planned from the national budget, Bangko Sentral ng Pilipinas, Philippine Amusement and Gaming Corporation, and other cash cows to be named.
The bill’s proponents certainly know that GSIS and SSS funds are not tax money but private contributions by members and their employers meant for emergency and retirement needs of those members. They say the funds intended for pensions and other benefits will not be impacted because they won’t be touched; only the investible portions will be tapped.
The LandBank, the DBP and the BSP also have no business investing in the MWF. The Land Bank is supposed to serve the needs of farmers and fishermen, and the DBP, the commercial and industrial sectors. How does their investment in the sovereign wealth fund help further their mission?
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