Bagong Alyansang Makabayan reiterates its opposition against the Maharlika Investment Fund bill which was railroaded by the Senate despite widespread opposition against it.
Bayan calls for more protests since the bicameral committee can still revise the measure to include workers’ pension as a fund source of the MIF. President Bongbong Marcos can also use his veto powers to undo the amendments made by Congress.
The Senate version of the bill does not remove the fundamental defects of the MIF. A powerful body linked to the office of the president is given authority to gamble public funds despite the country’s soaring debt and the lack of adequate funds for social services. Worse, it is prone to abuse and corruption, and can be exploited by those in power for the benefit of their families and favored cronies.
It is infuriating that the Marcos government is pursuing its development plan through a risky venture that does not guarantee real and sustained gains for the people. Instead of exercising their power of checks and balances, legislators chose to be in cahoots with the Marcos government in obfuscating the dangers and empty promises of MIF.
Stripped of its deceptive legalese, MIF is essentially a gambling fund to be used by those appointed by the president. It is a fund scam which is presented as a development scheme; and if passed, it could become a bigger disaster compared to the pork barrel system and coco levy fund. It exposes the bankrupt program of the Marcos government which continues to ignore the demand of the people for a better social protection package.
Bayan asserts that instead of creating a suspicious fund program, the government can raise revenues by imposing a wealth tax on billionaires and realigning the debt service and bloated intelligence funds of the military and police to social services and economic projects.###
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