Press Releases

Response to Fmr. SAJ Carpio’s opinion on the Maharlika SWF

December 4th, 2022

I understand that Justice Tony Carpio’s observation is an initial one. It must have been on the initial bill, and not yet on the TWG report, which the House Committee on Banks and Financial Intermediaries will approve next week

That said, the GSIS and SSS’s contribution to the SWF is like any other minority position in any company. They are entitled to a share of the profits corresponding their equity in the company. I made sure that such a provision regarding the distributions of profits as well as equity attribution is present in the draft substitute bill. 

So, the income of the wealth fund in proportion to the GSIS and SSS equity redound to the GSIS and the SSS. The purpose of the SWF is public, but the distribution of profits will operate like any other GSIS or SSS investment. Pensioners ultimately get the profits due them, and no reduction to such profits is made just because the SWF has a public purpose.

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