Pension plunder: Online petition launched vs Maharlika Wealth Fund

Maharlika Wealth Fund

Netizens smell multiple opportunities for corruption in the plan to consolidate investible funds of government-owned financial institutions into the Maharlika Wealth Fund (MWF) proposed by President Ferdinand Marcos Jr.’s son and cousin in the House of Representatives.

House Speaker Martin Romualdez, Ilocos Norte Rep. Sandro Marcos and four other lawmakers have filed House Bill 6398, which seeks to create a sovereign wealth fund similar to what Singapore, Malaysia, China, South Korea and Hong Kong have established. Its proponents say pooling the investments of the government’s top financial institutions will result in higher returns.

Although well-intentioned on paper, netizens suspect it will be a smokescreen for corruption. A Change.org petition against the Maharlika fund already garnered over a thousand signatures in less than a day.

“The bill has no clear and solid provision for ample worker/employee representation in the fund’s governing body, considering that a bulk of the fund will technically come from GSIS and SSS members’ pooled contributions. PERA NATIN ‘YUN PERO WALA TAYONG KINATAWAN!,” the petition read, citing 13 reasons to block the proposal.

“The bill’s limit on administrative and operating expenses is not good enough. Pera natin, gagamiting pampasarap ng mga burukrata na wala namang alam at walang ginagawang para sa bayan. NO WAY!”

Other questions raised against the fund include allowing investments on financial derivatives, which are high-risk placements. Some are also wary about the need to tap a new set of fund managers when Land Bank, DBP, SSS, and GSIS already have their own investment experts.

“Honoraria and allowances and reimbursements for the fund’s bureaucrats are unacceptable, especially that most of them will certainly come from salaried govt or corporate posts too. Sobrang garapal na ‘yan!,” the petition read.

“We don’t want the fox to guard the chicken coop, di ba? Mauubos ang manok! Hindi pa ba tayo nadala sa nangyari from 1972-1986?,” it added, alluding to the rampant corruption which took place during the presidency of Marcos’ late father and namesake.

https://bilyonaryo.com/2022/12/02/pension-plunder-online-petition-launched-vs-maharlika-wealth-fund/business/