(December 16, 2022) – Filipinos took to social media to express their reaction to the swift approval of the bill seeking to create the Maharlika Investment Fund (MIF) after it earned the majority support of lawmakers in the House of Representatives.
It only took 17 days since the bill’s filing for the lower chamber of Congress, which is overwhelmingly composed of lawmakers allied with President Bongbong Marcos Jr., to approve the measure despite the criticisms raised by the public. Roughly 90% of the House of Representatives willingly signed as co-authors of House Bill 6608.
Marcos certified the bill as urgent on Thursday and it immediately passed the second and third readings.
Netizens questioned why pro-administration lawmakers were so eager to approve the proposal before the holiday break. Some stressed that they should have prioritized urgent and long-overdue measures that would directly benefit the people instead of pushing for a sovereign wealth fund, especially with the economic challenges hounding the country.
SA DINAMI DAMI NG BATAS NA PWEDENG I-CERTIFY AS URGENT TULAD NG:
– Wage Increase bills
– dagdag ayuda para sa maralitang Pilipino
– suspension of VAT on essential goods and excise tax on petroleumAng urgent na nakuha natin ay: pagpapasa ng Maharlika Fund at NCSTP.
— Rachelle Villamor (@RachVillamor) December 15, 2022
The SOGIE Equality Bill has been filed for the last ~20 years, but only a few Congressmen have authored/co-authored the bill.
Meanwhile, the Maharlika Investment Fund has been filed ~2 weeks ago, but has now ~250 authors/co-authors.
Ayaw ng mga kawatan sa pantay na karapatan.
— Geminid ☄️ (@ronaldgem) December 15, 2022
The speed of legislative “deliberation” in PBBM-aligned Congress is astonishing. Malacañang is really capitalizing on its majority to fast-track Maharlika Investment Fund and even constitutional changes to widen term limits for the president, vice president, and other officials.
— Indo-Pacific Century (@homopolitiko) December 15, 2022
Urgent issues: inflation, transport, food crises. People demand wage hikes. Government reponse: Maharlika Investment Fund ? https://t.co/27gecP8wef
— iDEFEND (@iDEFENDhr) December 16, 2022
Over the past weeks, the bill earned criticisms from economists, academics, and civil society organizations due to the pitfalls of establishing the MIF at a time when the country does not have any budgetary surplus.
Records from the Bureau of Treasury showed that the government has a total debt of P13.64 trillion, as of October. The trade deficit, meanwhile, stands at 13.5%, according to the Philippine Statistics Authority. As of the third quarter, the ratio of debt to the gross domestic product was 63.7%.
Maharlika WEALTH Fund
Eh puro tayo utang.
— Miss Maggie (@MiaMagdalena) December 16, 2022
The Maharlika Fund is not revenue neutral. It can and is likely to take losses. This is an investment that 251 congressmen thought was more important than investing the same money in healthcare, schooling or public transport. https://t.co/fI5rTfAJRm
— RAS (@goodkidbikecity) December 14, 2022
Some netizens also reposted a portion of “News ExplainED” of veteran journalist Ed Lingao on News5’s Frontline Tonight.
re: Maharlika(?) ̶W̶e̶a̶l̶t̶h̶ ̶F̶u̶n̶d̶ pic.twitter.com/Hw5AqaI4pW
— kabulastugan (@kblstgn) December 14, 2022
While pension funds were spared as sources of the MIF, opposition lawmakers stressed that the people cannot let their guard down because of the potential problems that may arise if the bill passes into law.
Several artists also created cartoons to issue their critique of the MIF, which has Marcos’ son, Ilocos Norte Rep. Sandro Marcos, and cousin, House Speaker Martin Romualdez, as its main proponents.
As usual, many also resorted to humor and memes to express their protest. (See here, here, and here.)
Only six lawmakers opposed the bill—Camarines Sur Rep. Gabriel Bordado, Gabriela Rep. Arlene Brosas, ACT Teachers Rep. France Castro, Basilan Rep. Mujiv Hataman, Albay Rep. Edcel Lagman, and Kabataan Rep. Raoul Manuel. Netizens commended them for doing so.
Aprubado na sa ikatlo at huling pagbasa ng Kamara ang Maharlika Investment Fund Bill na layong magtatag ng isang sovereign wealth fund sa bansa.
Narito ang mga kongresistang bumoto laban sa panukala. #News5 pic.twitter.com/1bsInaQ7yt
— News5 (@News5PH) December 15, 2022
The six lawmakers who voted against the Maharlika fund bill:
Gabriel Bordado (Camarines Sur 3rd District)
Edcel Lagman (Albay 1st District)
Mujiv Hataman (Basilan)
France Castro (Act Teachers)
Raoul Manuel (Kabataan)
Arlene Brosas (Gabriela)SULIT ANG BOTO SA MAKABAYAN BLOC!!!! https://t.co/P9jKsqKYam
— Engineers “JOIN MASS ORGS” for PH ?? ? (@EngrsOfMNL) December 16, 2022
More than anything, these six lawmakers are the only ones in Congress brave enough to question a bill that really is not at the right place and is not at the right time https://t.co/br4oNivr0L
— elrey ? (@Rey__Jan) December 15, 2022
After hurdling the House of Representatives, the bill now goes through deliberations in the Senate and the bicameral panel before reaching Marcos for signing. But Sen. Koko Pimentel already said the bill must be closely scrutinized because of its potential impact in the future.
“Hindi ko nakikita ang dahilan kung bakit tayo magmamadali sa isang panukala na puwedeng malaki ang potensyal na perwisyo ang iiwanan para sa future generations of Filipinos,” said Pimentel on One News’ The Big Story on Thursday.
(PM)
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