Various militant groups staged a protest in Mendiola as President Ferdinand Marcos Jr. signed the contentious Maharlika Investment Fund (MIF) Bill.
The "Kabataan Kontra Scam" group, which opposes the MIF, joined the rally. Participants included students and members from the League of Filipino Students, Student Christian Movement of the Philippines, Panday Sining, Anakbayan, and Kabataan Partylist.
The group emphasized concerns about the appointment of the Board of Directors who will oversee the Maharlika Investment Corporation. It has come to their knowledge that these individuals are closely associated with President Bongbong Marcos Jr.
“We expect Marcosian maneuvers for the President himself to assign friends and cronies to handle half-a-trillion worth of people’s money under this Maharlika Scam,” said Kej Andres, SCMP National Spokesperson.
Meanwhile, Kabataan Partylist discovered that the Maharlika Investment Corporation holds around ₱500 billion in funds, leading to their worry about where these funds will be allocated.
They further explained that the funds could have been utilized for other essential areas such as wage increases, agrarian reform, education, healthcare, housing, social services, and more, which seem neglected under the current administration.
"Minadali ni Marcos Jr. ang pagpirma nito upang makapagnakaw pa ng mas malaking pondo at isugal ang 500 bilyon na pondo ng ating bansa kaysa ilaan ito sa edukasyon, agrikultura, kalusugan, at iba pang pangangailangan ng mga Pilipino," the Kabataan Partylist stated.
President Ferdinand 'Bongbong' Marcos Jr. on Tuesday, July 18 officially signed the controversial legislative measure that seeks to establish a Maharlika Investment Fund (MIF) or sovereign wealth fund into law.
He emphasized that the government plans to utilize the investment fund as a means to boost the economy without incurring additional fiscal and debt burdens.
