The proposed Maharlika Investment Fund (MIF) is seen to contribute to the goal of the administration of President Ferdinand R. Marcos Jr. towards nation-building.
Government Service Insurance System (GSIS) President and General Manager Arnulfo “Wick” Veloso made this remark Tuesday, describing the MIF as a “long-term investment.”
“Ang Maharlika po ay isang long-term investment. At ang layunin po nito ay hindi lang po magkaroon ng investment ngunit magkaroon din po ng tulong for national development,” Veloso said in an interview over Radyo Pilipinas.
“The Maharlika Investment Fund is an opportunity for us to be able to invest in an opportunity not only to allow us to get returns but also to have a contribution to nation-building,” he pointed out.
The GSIS chief likewise allayed public fears over transparency in the MIF, assuring that the proposed Maharlika Board would ensure investments under the fund are protected.
“We would like to let the public know that this is an opportunity for us to be able to push the country to grow, and again I reiterate that whatever investments we make here are going to accrue to the members of the Government Service Insurance System and we are there at the Maharlika Board to make sure the investments are protected while at the same time help in nation building,” Veloso said.
“At kami po ay naroroon para siguraduhin na ma-invest ito properly. There are various layers of transparency to make sure that the funds are protected and invested properly and we are going to make sure the public is going to be made aware,” the GSIS chief added.
As part of the safeguards, Veloso said there would be a representation of the private sector through the participation of independent directors, congressional oversight and an internationally accredited auditing firm.
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.