Senator Risa Hontiveros on Tuesday insisted that the approved version of the Maharlika Investment Fund bill includes an “absolute prohibition” on the use of funds from government financial institutions, such as the Social Security System and the Government Service Insurance System.
“It is clear that the Senate’s version of the bill, which was later adopted (by the House of Representatives), orders the absolute prohibition on the use of funds of the GSIS, SSS, PhilHealth, and other insurance and pension institutions,” Hontiveros said.
She made the remarks after Finance Secretary Benjamin Diokno said that despite the provisions that ban pension funds from investing in Maharlika, the SSS and GSIS could still invest in projects of the Maharlika Investment Corporation.
The lawmaker criticized Diokno’s statement and reminded the executive branch of its functions.
“We made sure that this safeguard would be included in the bill to protect the people’s money. This is in addition to the prison sentence for the misuse and amassing of funds,” she said.
“But why do they seem to still push for it? Again, the executive branch is tasked with carrying out laws that have been passed by the legislature. What Congress intended should be the standard for how the law is implemented,” she added.
Hontiveros continued: “The executive is not allowed to change, expand or limit it based on its own interpretation.”
She reiterated that the Senate will likewise “exercise its oversight function to ensure that these safeguards for the protection of pensioners’ and contributors’ hard-earned money are enforced.”