P3PWD Party-list nominee Rowena Guanzon withdraws an undisclosed amount of money from her Land Bank account as a way to protest what is believed to be the imminent signing of the Maharlika Investment Fund (MIF).
The MIF, which will be partly funded by Land Bank, will serve as the country’s very own sovereign wealth fund.
Guanzon has described the MIF as a "scam".
Kakampink Guanzon protests MIF by withdrawing money from Land Bank
Jun 15, 2023 06:58 AM
At a glance
Rowena Guanzon (Twitter)
With the enactment of the controversial Maharlika Investment Fund (MIF) believed to be imminent, P3PWD Party-list nominee Rowena Guanzon took matters--and money--into her own hands.
The outspoken Guanzon went to a Land Bank of the Philippines (LBP) branch on Thursday morning, June 15 to stage a "protest".
"Nag withdraw ako money from Land Bank (I've withdrawn money from Land Bank). As a protest action against Maharlika Scam Fund #notomaharlikafund," she tweeted, her disdain for the MIF very obvious.
A picture that came with the tweet showed Guanzon holding a manager's check for an undisclosed amount. The party-list nominee was wearing a pink polo shirt--arguably her favorite color.
A manager's check is said to be as good as cash.
Under the Senate-approved version of the MIF Bill, the initial capital of the proposed Philippine sovereign wealth fund will come from the LBP, which will invest P50 billion.
The Development Bank of the Philippines (DBP), another government financial institution like LBP, will invest P25 billion to the MIF. Anoter P50 billion will come from the national government.
The House of Representatives, despite approving their own MIF months before the Senate did, ultimately decided to adopt the senators' MIF. It is this version of the measure that awaits President Ferdinand "Bongbong" Marcos Jr.'s signature.
Pundits believe Marcos will announce the enactment of the MIF in his second State of the Nation Address (SONA), which will be delivered on July 24, 2023.