Farmers are supporting Senators who have expressed their strong opposition to the establishment of the Maharlika Investment Fund (MIF), particularly the inclusion of pension funds into the proposed P500-billion sovereign wealth fund pushed by the Marcos administration.
The Senate is rushing to pass its version of the bill before adjourning the first regular session this week.
“We laud those in the Senate who are questioning the intent and motives of the dubious Maharlika Investment Fund. It is our collective duty to fully expose the MIF for what it is — a kitty fund for the benefit of Marcos and his cabal of old and new cronies and favored businesses,” according to KMP chairperson Rafael Mariano.
The Senate version of the bill in consideration brought back previously removed provisions that will include the Government Service Insurance System (GSIS) and the Social Security System (SSS) as the source for the start-up capital of Maharlika. The version of the bill sponsored by Senator Mark Villar will allow social insurance institutions to invest in Maharlika as long as their boards concur.
Section 12 of the Senate bill allows “voluntary investment” of SSS, and GSIS as “other GFIs and GOCCs may invest into the MIF, subject to their respective investment and risk management strategies, and approval of their respective boards.”
KMP has earlier expressed adamant opposition to the MIF and the inclusion of some P50-billion from the Landbank of the Philippines to the fund, saying Landbank will deviate from its primary mandate of agricultural financing if it will contribute to the controversial investment fund. “Landbank’s priority should be to provide interest-free loans to farmers and fishers. Hindi na dapat magalaw ang pondo para sa mga magsasaka.”
Likewise, dipping into the pension fund of retirees and pensioners is simply unacceptable. Many farmers and fisherfolks are not even pensioners but we know that pension funds must be secured,” Mariano said.
KMP said “the Maharlika Investment Fund is like the coco levy fund on steriods.” MIF is 100 times much worse the the coco levy fund that was extorted by the Marcos Sr regime from coco farmers in the 1970s. Hindi natin nakakalimutan ang nangyari sa pondo ng coco levy na sapilitang kinubra noon ng diktaduryang Marcos Sr. sa mga maralitang magniniyog. Hanggang ngayon, halos limang dekada na ang nakakaraan, hindi pa rin naibabalik at napapakinabangan ng mga magsasaka ang P100-bilyon coco levy fund.”
KMP also listed its reasons on why it is opposing the MIF.###