Republic of the Philippines
DON HONORIO VENTURA STATE UNIVERSITY
Villa de Bacolor, Pampanga
COLLEGE OF EDUCATION
OPINION
EDITORIAL — Maharlika Bill to be pursued
By; Patrick S. Fajardo
Malacañang, along with other legislative leaders have identified
10 priority bills that they seek to pass in congress before the allotted
deadline on June 2, this is including the controversial statute to revive
and extend the Maharlika Wealth Fund Bill that was later on named
Maharlika Investment Fund, and consequently approved only after
17 days of its filing by the House of Representatives who are
seemingly in a rush for its approval.
President Marcos, before embarking on another foreign trip, declared
that the country needs to accumulate funding for future programs and
projects of both national and local government that can only be
procured through Sovereign Wealth Funds. Naturally, his majority in
the House of Representatives immediately introduced ‘amendments’
to the bill while maintaining its very core of putting the country’s
funding into different sectors that may or may not be at risk of loss.
However, it should also be noted that the initial funding of the said bill which amasses to an astonishing
amount of 250 billion pesos will be coming from different government insurance institutions such as Social
Security System (SSS), Government Service Insurance System (GSIS) and others that are paid for and being
utilized by Filipinos, especially those who are now just relying on their retirement plans they themselves have
accumulated through years of service to the public and the country.
“To enrich the funding of the country” this was the proposed objective should the Maharlika Investment Fund
bill be signed into law, said by Senate Speaker Martin G. Romualdez, the principal author of the bill and
cousin to President Marcos. Whereas, funding shall be handed and managed by presidential appointees once it
completely becomes a law where the danger comes in, as the risk of the funding being plundered by the
presidential cronies spiral up, as even several of the world’s largest and best-managed sovereign wealth funds
have suffered massive losses; Just this year, Taiwan with a reported $1.96 billion loss; Norway with $174
billion loss, and so much more. Is the country truly prepared to face this risk, knowing well that the
Philippines is still undergoing recovery from the effects of the Pandemic? Are the people certain to quickly
entrust the funding of the country to different financial agencies head, including President Marcos himself as
its chairperson who in fact still has an existing real estate tax amounting to 203.8 billion pesos as per Bureau
of Internal Revenue (BIR)?
The Supreme Court meanwhile, sees no “no actual case or controversy” from the bill when the President
certified the urgency of it, hence junking the petition against the implementation of the Maharlika Bill.
If only investments that the President is after, isn’t it much effective and safe to create more businesses or
supporting local entrepreneurs to continuously promote not only the industry of commerce in the country but
also its people’s culture and craftsmanship that can be seen through their localities. He always speaks
‘investments’ in his foreign trips but these sentiments are but mere words as they do not match his actions —
or if he even had any actions yet for the betterment of the country. The country has one of the worst
reputations in terms of corruption in the world; with the kind of system in the government that we currently
have, adding more sources of treasure for these crocodiles to loot should be the last thing to do. These issues
would only tamper the proliferation of the benefits of the bill, as the bill is anti-poor; it only permits a feast in
the White Palace of the pigs.