Still, the folk disagrees with that Maharlika fund!
It seems that the so-called “economic managers” of the Marcos administration remains stubborn in making this proposed Maharlika Wealth Fund a reality. For amidst popular criticism this Malacañang-supported bill was ratified with unjustified and questionable railroading by the administration and its minions in the legislature - that shows a shameful and outrageous act in insisting a “sovereign wealth fund” amidst lack of funds and of increasing debts.
For, in the midst of an acute and deepening economic crisis and the rapid deterioration of millions of people's living situations, this Maharlika Wealth Fund will be an additional burden on their shoulders. The vast majority of working people are upset that Marcos jr., his economic managers, and allies in the legislature prioritized that Maharlika wealth fund while monies for public health, education, and other social services continue to be severely underfunded.
But on the other hand, there are those from the higher house that tends to block attempts to use funds from the Social Security System (SSS), Government Service Insurance System (GSIS), PhilHealth, PAGIBIG Fund, Overseas Workers Welfare Administration (OWWA), and even the Philippine Veterans Affairs Office (PVAO) in this proposed wealth fund, whilst putting a 25% limit to the investible funds of the Development Bank of the Philippines (DBP) and Land Bank that would be exposed to the fund’s operations. Quite agreeable what those concerned solons insisted especially in blocking the use of the pension funds, but, despite this provision in the senate bill No. 2023 that the House of Representatives adopted, Marcos jr. said it is up to pension fund agencies to invest in the proposed sovereign wealth fund. And as of press time, there is no announcement yet from the government whether the president has signed the proposed measure into law.
Regardless of the concerns, if not outright opposition to the proposed fund from some solons, the majority of legislators in both the Senate and the House strongly support that Maharlika Wealth Fund, because, like the president and his economic managers who proposed it, they believe in its importance regardless of the existing problems. As one senator explained, the proposed fund would allow the government to finance initiatives through equity rather than debt. Although intriguing, the fund intended to "support" government programs, if realized, will still have scarce funds rather than a windfall or excess meant to justify the formation of a sovereign wealth fund as such.
And as according to Section 16, Article XII of the 1987 Constitution, Government Owned and Controlled Corporations (GOCCs) must pass the test of economic viability as concerned economic experts have raised plenty of arguments that cast doubt on whether the proposed wealth fund has passed or even be subjected to this test.
However, such concerns is meaningless for those who strongly support, especially in light of the looming crisis, as they would claim that the bill may include provisions for offenses and punishments such as graft and corrupt activities, and books and accounts will be subject to examination by the Commission on Audit, with oversight from Congress. But is it enough to make the fund really win the trust of many who have enough of corrupt bureaucrats and mispriorities? It is unsurprising that, as in the past, the Maharlika Wealth Fund will funnel hundreds of billions of pesos of people's money into the dirty hands of Bongbong Marcos and his cronies in order to fatten their pockets, as it can be used to support favored private businesses in exchange for crony loyalty, in the same way that his dictator father secured political allegiance of cronies.
For now the concerned will remain vigilant on this proposed wealth fund be it in paper or in its realisation as they strongly oppose it from the start- for regardless of justifications from its apologists, the money being used to fund this “venture” is still the people’s money, being contributed by the folk through taxes, and it is the duty of each and every concerned folk to make appointed or elected bureaucrats really accountable in their actions the way they themselves sworn to ensure the well being of the nation and its people.
They all knew that the current situation isn’t suitable to have a fund such as this, so why the stubbornous assertion? The railroading? Even the very name itself smacks of Marcosianism than that of Filipinism as one would say.