Marcos' Maharlika Fund to bring bureaucrat capitalism to new heights

The Communist Party of the Philippines (CPP) joins the Filipino people in condemning the Marcos regime and its rubberstamp congress for railroading the Maharlika Investment Fund. The Malacañang-supported bill was ratified with unjustified and questionable rush by Marcos’ minions in the Senate and House of Representatives, in complete disregard of widespread and strong public disapproval and rejection by different sectors.

The MIF will deliver hundreds of billions of pesos of people’s money into the dirty hands of Bongbong Marcos and his cronies to fatten their pockets.

It is a cruel historical irony that public funds are now being placed under the control of the heir of the kleptocratic Marcos dictatorship under which the billions of dollars were siphoned by the Marcos family into their private bank accounts. The money that the Marcoses and their minions can mulct from the Maharlika fund is worth infinitely much more than Imelda’s jewelry and three thousand pair of shoes.

The Maharlika fund will potentially serve as one of the single biggest source of corruption, especially in the form of crony capitalism, under the Marcos regime. Marcos can use the fund to support favored private businesses in exchange for the loyalty of cronies, in the same manner that his dictator father secured the political allegiance of cronies.

Amid the acute and ever worsening economic crisis and rapid deterioration of the living conditions of millions of toiling people, the Maharlika fund will be an additional yoke on their shoulders. The broad masses of toiling people are outraged that Marcos and his minions in congress prioritized the Maharlika fund over the urgent demands of workers to raise wages. In stark contrast, funds for public health, education and other social services remain grossly lacking.

For certain, the Marcoses and a handful of other rich people will end up richer with the Maharlika fund. The worsening oppression under the bureaucrat capitalist state is further justifying the need to fight and wage revolutionary struggle.

Marcos' Maharlika Fund to bring bureaucrat capitalism to new heights