SSS, Maharlika nix online gambling investments

The Social Security System (SSS) on Tuesday issued a statement saying it has no shares and has no plans to invest in online gambling firms.

“SSS has no investments in the online gaming industry and has no plan of investing in it,” said the pension fund, stressing that it is in conformity with the Department of Finance’s proposal to ban government investment in the industry.

Finance Secretary Ralph G. Recto, who is ex-officio chairman of the SSS said the government is considering implementing a formal ban on such investments.

For its part, sovereign wealth fund, Maharlika Investment Corp. (MIC) likewise ruled out investing in the online gambling industry.

Stressed MIC President and CEO Rafael D. Consing, “The Maharlika Investment Fund has a firm policy of not investing in businesses related to online gambling. This is not an arbitrary decision but is clearly defined in our board-approved Investment Policy and Risk Management Framework.”

To recall, government pension fund, Government Service Insurance System (GSIS), has faced questions about its investment in DigiPlus Interactive Corp.

A preventive suspension was imposed on GSIS President and General Manager Jose Arnulfo A. Veloso following questions about whether the DigiPlus investment bypassed GSIS’s internal approval process.

Maharlika’s major investments so far include a binding term sheet to provide a $76.4-million bridge loan facility to Makilala Mining Co., Inc., which will fund the early-stage development of the development of the company’s copper-gold project.

MIC has also invested in a 20% stake in listed Synergy Grid & Development Phils., Incorporated.