Retired Supreme Court Justice Antonio Carpio has raised constitutional concerns over the proposed Maharlika Wealth Fund. According to Carpio, using investible funds from the Social Security System (SSS) and Government Insurance System (GSIS) for the fund is unconstitutional.
The SSS and GSIS funds are comprised of personal contributions from members, along with their employer counterparts. Thus, the income generated by these funds should benefit only their respective members.
Carpio asserts that the law cannot give income from SSS and GSIS funds to non-members who did not contribute to the funds. He argues this would amount to taking private property for a public purpose without just compensation, which is unconstitutional.
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