A GOOD friend from General Santos City sent me an online Petition aptly called: “Hands off our SSS and GSIS contributions, NO TO House Bill 6398!” As a thinking citizen, I immediately did my research and drafted this article to manifest my position on the matter.
My research shows the “proposed Maharlika Wealth Fund (MWF) would pool P275-billion from government pension funds and banks, as well as the national budget, to invest in big-ticket national development projects and other assets.” Think SSS and GSIS funds which you and I are stakeholders of.
For a quick revisit, on November 28, 2022, six lawmakers headed by Speaker Martin Romualdez and Senior Deputy Majority Leader Sandro Marcos filed House Bill No. 6398 or the Maharlika Investments Fund Act, which was readily read on the same day, and by December 1, 2022, was approved at the committee level. And if the goal is to hasten it, it could “fully hurdle the House before it goes on a holiday break.” Now, that’s not slow; that’s quite fast and shows utter determination to push the bill.
Why the rush? I would like to zero in on SSS and GSIS pensions because I am a stakeholder, and you know how it is with government, the individual stakeholder is less heard – even trivialized – unless we write critical factual letters!
First, why is it that lawmakers shamelessly craft bills presuming it will be good for all of us without even consulting us? At the stroke of a pen, the bill is there, but really are the pensioners and future pensioners consulted? Remember those sitting in the boards of SSS and GSIS have fat salaries and perks, and no matter how noisy we are when we are scandalized every so often, it soon fizzles out, and life goes on like nothing ever happened.
We deserved to be consulted.
To his credit, De La Salle University professor David Michael San Juan began an online petition against the bill, and as of 3:00 p.m., December 7, 2022, 48,162 have signed it! I encourage my fellow citizens to read and comprehend the said Petition and make a stand.
We don’t want lawmakers to touch our pensions. Get that!
Second, it doesn’t help that the authors come from the same family including presidential cousin speaker Martin Romualdez and his wife Tingog Party List representative Yedda Romualdez, presidential son representative Sandro Marcos, and other lawmakers. It sounds to me like a “Marcos Bill” and brings me back to my high school and college years when the conjugal dictatorship’s extravagance was legendary, and their unsavory reputation of mismanaging our nation’s wealth was at its peak.
Give us a break!
Let’s dig more. According to its explanatory note, the bill “drew inspiration from the successful sovereign wealth fund of other countries in Asia, such as Singapore and Hong Kong.”
However, “unlike the sovereign wealth funds in Singapore or Hong Kong, the Philippines won’t be financing the Maharlika fund from the country’s excess wealth or foreign reserves.”
The fund will secure its P275-billion in start-up capital from government financial institutions (GFIs) like GSIS – P125-billion; SSS – P50-billion; Land Bank of the Philippines – P50-billion; Development Bank of the Philippines – P25-billion; National budget – P25-billion.
The Bangko Sentral ng Pilipinas is expected to contribute 50% of annual dividends; at least 10% of gross gaming revenue streams from Philippine Amusement and Gaming Corporation; and yearly contributions from the national government as determined in the annual national budget.
Third, as if it were not enough, the bill seeks to create the MWFC comprised of a 15-person board of directors. The Philippine president will chair the board – how’s that for a family affair, huh, and the GFI with the highest contribution to the fund will be vice chair. Naturally, GFIs will have their share of directors proportionate to their contributions, which mean GSIS and SSS will likely have a sizeable number of seats. There goes GSIS and SSS again!
Two independent directors coming from the private sector – either from the Philippine Stock Exchange, Bankers Association of the Philippines, or the academe, would also comprise the board.
Darn! Another corporation with the Philippine president as head – digest that; another board of directors; another set of juicy perks bestowed upon friends and allies. Lest we forget, our country has a loathsome “history of funds mismanagement and scandals: coco levy, PhilHealth, among others.”
I urge my fellow Filipinos to read the bill and form an informed decision. Let us not be swayed by smooth talk and family names. Goodness, we have been governed by them time after blasted time!
SSS and GSIS pensioners and future pensioners, speak up!
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Writer hosts Woman Talk with Belinda Sales at 91.1 Balita FM Tagbilaran City every Saturday, 4 p.m. – 5 p.m. She can be reached at belindabelsales@gmail.com. Twitter @ShilohRuthie./PN
