February 25, 2024

Bicol Express News

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Maharlika Wealth Fund is anti-poor: group

Anakpawis, an umbrella organization of the country’s marginalized sectors, adds its voice to the growing opposition against the controversial “Maharlika Wealth Fund”, on the basis of its ‘nature being dubious, concentrated to few hands of ruling political dynasty, and prone to corruption and abuse’.

“The name of the said fund does not only a giveaway its purpose but mostly, to whom it will benefit. We don’t need to be a rocket scientist nor an economist to know that it will not serve the Filipino people”, Anakpawis said in a statement.

The group also said that the proposed law creating the Maharlika Wealth Fund which currently railroading in the House of Representatives under House Bill 6398 allegedly wanted to create additional income for the country by using seed funds coming from government financial institutions (GFI’s) as well as from government-owned and controlled corporations (GOCC’s) such as SSS GSIS, Land Bank of the Philippines, Development Bank of the Philippines, PAGCOR and Bangko Sentral ng Pilipinas (BSP) worth P250B. Reportedly, congress wanted the bill approved by December 12, before congress will have its break.

“While the basic services such as education, health, public facilities and aid to poor Filipino families remains low due to lack of funding, the P250B seed money for the ambitious and corruption-prone scheme is highly scandalous and anti-poor. This further solidifies the appeal of the rural sector for a P15, 000 production subsidy to help them in the production to offset the high production cost” the group said.

“It’s clear from the poor sector what is the real purpose and orientation of the Maharlika Wealth Fund, and surely not in the service of the ordinary toiling masses. Anakpawis is one with other sectors who are against the creation of an abomination of a law that will further sink deeper the Filipino people into further bankruptcy and poverty. Only the Marcoses and their cronies will benefit from the highly contentious scheme”. the group ended