With 19 affirmative votes against one opposition at the Senate this morning, the controversial Maharlika Investment Fund (MIF) is now on its way to Malacañang for President Ferdinand Marcos Jr.’s approval.
In its third and final reading at 2 am earlier, only Sen. Risa Hontiveros voted against the measure that will create a Maharlika Investment Corporation, which shall pool resources from the Land Bank of the Philippines, Development Bank of the Philippines, and the national government's funds.
The bill, primarily authored by Marcos’s kin, his son Sandro Marcos and his cousin Speaker Martin Romualdez, was tagged as urgent. This expedition came after public clamor against including insurance funds from the Social Security System and Government Service Insurance System (GSIS) slightly halted the bill’s calendar.
It only took 18 days for the Congress to give its final nod. With a supermajority bloc in the Senate, its final nod was not a tough battle. Out of 24 senators, 19 voted in favor of the MIF Act. Senator Nancy Binay, on the other hand, abstained from voting. Senators Imee Marcos, Koko Pimentel, and Chiz Escudero were unable to cast their votes.
Yesterday, Escudero spoke against MIF, saying that the funds should not be expedited with its viability test still underway. This means that the project’s yield is still uncertain.
“This should serve as a warning to those pushing for it because it might just be struck down and end up in the dumpsters if they proceed with it in a haphazard and nonchalant manner,” he said.
Sen. Mark Villar, in favor of MIF, said that the funds will utilize the “idle” money through investments in infrastructure projects during the interpellation yesterday. But Escudero pointed out that infrastructure projects are unlikely to yield returns unless the outcome projects will be privatized.
Even economists blasted the MIF for being misprioritized and risky, saying that the program is not guaranteed to yield profit. Dayna Beltran from the Alliance of Concerned Teachers added that the country’s current financial system dooms MIF resources.
Despite the program’s intent to “promote economic development by making strategic and profitable investments in key sectors,” the danger lies in the people handling the money according to some members of the Makabayan bloc.
During the height of the COVID-19 pandemic, the country saw the dubious disappearance of the P15-billion PhilHealth fund. This is feared to repeat under MIF.
Earlier today, several groups took to the Bangko Sentral ng Pilipinas main office to denounce the approval of MIF.
“Bakit magtatayo pa ng bagong fund? Dahil scam nga ito. Ang senado ay naging kasabwat ng scam na ito. At nandito kami para ilantad ang biggest scam in history ng administrasyong Marcos dahil ang biktima ay ang mga mamamayan,” former Congressman Teddy Casiño said.
MIF, once signed, will supposedly generate funds for different government projects and social services for low-income Filipinos. But, this is just to cover up the dubiousness of the bill, said Sonny Africa, executive director of IBON Foundation, in a previous Collegian interview.
This is the same scheme that propped the Tax Reform for Acceleration and Inclusion (TRAIN) Law in 2018, which only resulted in increased prices and mismanaged funds that continue to affect Filipinos today, Africa cited.
Amid a record-breaking 8 percent inflation rate–the highest in 14 years, formations call on the Senate to align their motives to workers and people’s welfare.
“May dalawampu't isang bill na nakabinbin sa senado para itaas ang sahod ng mamamayan pero nasaan na ang mga ito? Ang kailangan ng mamamayan ay sapat na sweldo, trabaho, at pagkain,” Beltran said. ●
