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GFI back sovereign wealth fund bill
By Nidz Godino
“We are very supportive of this bill and we have committed P125 billion to be able to jumpstart incorporation and help set in motion principles of sovereign wealth fund,” Government Service Insurance System (GSIS)president and general manager Jose Veloso said four of country’s top-performing government financial institutions (GFIs) backed passage of House bill seeking creation of Maharlika Wealth Fund (MWF). At a hearing of the House committee on banks and financial intermediaries on House Bill (HB) 6398, GSIS, Social Security System (SSS), Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) all committed to invest seed money necessary to start up sovereign wealth fund.
This was echoed by DBP president Emmanuel Herbosa, SSS president and CEO Michael Regino and Land Bank of the Philippines president and CEO Cecilia Borromeo, who unanimously backed creation of the MWF.
Authored by Speaker Martin Romualdez, HB 6398 seeks establishment of MWF, which shall be patterned after sovereign wealth fund or SWF of other countries to “maximize profitability of investible government assets for benefit of all Filipinos.”
Under the bill, the four GFIs shall be known as founding GFIs are mandated to invest equity with combined total of P250 billion to start up fund.
GSIS will provide an initial investment of P125 billion, P50 billion for both SSS and LBP and P25 billion from the DBP.
Romualdez said earlier creation of MWF would provide an “opportunity to ensure their respective funds’ optimal asset allocation as well as ensure that resources are efficiently channeled to investments that will provide most value not only to the participating GFIs but also to the country.”
He noted that having MWF will help achieve objectives of President Ferdinand Marcos Jr’s “Agenda for Prosperity” and the eight-point socioeconomic roadmap.
The Speaker cited Singapore and Indonesia as countries that have successfully used their sovereign wealth funds.
He added that Singapore’s SWFs provide financial means for the city-state “to manage its foreign reserves, defend itself and protect its sovereignty without compromising its domestic program and augment its land-limited economic space with global investments.”
Indonesia, he said has attracted foreign investors to jointly capitalize its SWF to bring in much-needed investments in various sectors.
“As Philippines secures its place not only as Rising Star of Asia but as a real economic leader in Asia Pacific, the creation of MWF becomes imperative,” Romualdez concluded.
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