Leave GSIS, SSS alone; boost economy first before putting up sovereign fund
The proposed Maharlika Wealth Fund, technically, would not really make use of our contributions.
It would just free the Government Service Insurance System (GSIS), for instance, from the additional job of investing excess money from contributions. In short, a new agency would do what the GSIS has been doing for so many years—investing available funds. After all, without investing on something, the GSIS would just be another pyramiding or Ponzi scheme.
Then again, sound management of these investible funds keeps the GSIS liquid or capable of fulfilling its obligations to pensioners.
So the issue here is not that our savings for our retirement would be taken away. It’s the real possibility that the capability of the GSIS to pay us back would be compromised severely if the investment part would be mismamanaged.
Taking a risk is not always bad, as long as the timing is right. But is it the right time now, when everyone in the world is just recovering from a free fall?
I think not.
I appreciate the laissez-faire (or so it seems) approach of the Marcos Jr. administration when it comes to the economy. So, setting up this sovereign wealth fund by strong-arming government financial institutions is a blunder these days.
Leave the Landbank of the Philippines alone. It has proven over the years that it can take care of itself.
Leave the GSIS and the Social Security System (SSS) where they are. It’s just too risky.
The GSIS is the grand old man of the government. It may not have the most innovative approach, but it is doing its mandate even with the most old-fashioned way. Same with SSS.
My unsolicited advice to this administration: Boost the economy first. Most importantly, earn the trust of the people, even when they do not belong to the 31 million.
Then we can talk about a sovereign wealth fund later.
JONAS CABILES SOLTES,
Camarines Sur
