Photo from Juan Carlo de Vela/MANILA BULLETIN
Cause-oriented groups staged an indignation rally in Mendiola, Manila on Tuesday, July 18, over the signing into law of the Maharlika Investment Fund (MIF) by President Marcos. The protesters. led by Anakbayan, Panday Sining, Kabataan Party-list, National Union of Students of the Philippines (NUSP), and Student Christian Movement, expressed their concern that the retirement funds of contributors and pensioners of the Social Security System (SSS), Government Service Insurance System (GSIS), and other government institutions may be put at risk if they are invested in the MIF. The rallyists also branded the MIF as a "scam" which could add to the burden of those who are already living below the poverty line. Carrying placards bearing the words "Maharlika Investment Fund a scam," "No to Maharlika Fund," the demonstrators marched to Mendiola amid heavy police security. They were, however, allowed to stage their protests by the police. The MIF is a development fund to promote the country's socio-economic development. Under the bill, a list of government institutions will contribute to the initial capital for sovereign wealth funds (SWF), while other government institutions excluded from the list can still invest in MIF capital. Marcos tagged the MIF as an "extremely important measure" for the country's economic development. He said the MIF enables the Philippines to engage in investments without additional borrowing. The bill is exempted from taxes and rules on the disposal of assets and the review of contracts by the Office of the Government Corporate Counsel. The groups called on the Marcos administration to use the excess government revenues for SWF instead. They also urged the government to increase funds for education and other social services as well as people-oriented reforms for the nation's recovery from the pandemic.