Groups criticize devious enactment of the Maharlika Bill

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Youth groups trooped to Mendiola in front of Malacañang to condemn Ferdinand Marcos Jr for his devious signing of the bill creating the Maharlika Investment Fund on July 18. Farmers held a separate protest in Quezon City.

Malacañang did not publicize the final version of the bill, which was “tinkered” weeks after it passed the Senate and Congress. Even some congressmen were not informed of its final content.

One of the controversial provisions of the bill is the use of the pension fund of millions of workers and government employees deposited in the GSIS and SSS. Although this was stricken off the Senate-passed version, the two institutions are still not prohibited to invest in the MIF in the future.

Marcos also said that some of his officials will not sit on the board of the Maharlika Investment Corporation (MIC) which will manage the fund. Nevertheless, the law stipulates that Marcos’ finance secretary will sit as chair of the MIC board.

Bayan Muna and Tama Na (Taumbayan Ayaw sa Maharlika Fund Network Alliance) are preparing to file a petition before the Supreme Court to stop the law and rescue billions of public funds from corruption and abuse.

Groups criticize devious enactment of the Maharlika Bill