Speaker Martin G. Romualdez and other leaders of the House of Representatives on Wednesday decided to remove the Social Security System and Government Service Insurance System as contributors to the proposed Maharlika Investment Fund.

Marikina City Rep. Stella Quimbo, a co-author along with Romualdez of the MIF bill said they made the decision after meeting with the administration's economic managers, who drafted the measure.

"Based on our assessment of the proposed changes put forward by the economic team, we are amending the bill to change the fund sources, removing GSIS and SSS as fund contributors and instead utilize profits of the Bangko Sentral ng Pilipinas," Quimbo said in a press conference Wednesday night.

She said the changes would be introduced into the bill by the committee on appropriations in a meeting on Friday.

"It's a good thing that we did a series of consultations regarding the bill; and the concerns of the people were validated, particularly those of our hard-working fellow Filipinos who contribute monthly to the GSIS and the SSS," she explained.

Quimbo pointed out that the purpose of the proposed Philippine sovereign wealth fund "is to become an investment vehicle where existing surplus capital of the government can grow and reap benefits."

"Whatever excess capital the government has it's better to invest it on projects with high returns. The returns on investments by the Maharlika Fund will benefit the people," Quimbo added.

As the bill goes through the deliberation and approval process, Quimbo said the House "will put in place safety nets to ensure the success of the project."

"Dapat masiguro na ang batas na maglilikha ng Maharlika Fund ay mayroong katapat na probisyon na magtatakda sa pangangalaga ng pondo ng bayan," Quimbo said. (The law creating the Maharlika Fund must ensure that there is a corresponding provision that will protect the public fund.)