Maharlika Investment Fund is the Marcos Jr. administration's largest scam—LFS

The League of Filipino Students vehemently denounces the signing of the Maharlika Investment Fund (MIF) Bill into law today, July 18. Amid the country's economic woes, the Marcos Jr. administration prioritized the passage of the MIF Bill under the pretense of investment for joint ventures, digitalization, real estate, and infrastructure projects. The MIF will take P500B initial worth of shares from public funds—10% of the national budget. According to Marcos Jr., the government has available and surplus budget to fund MIF. The Marcos Jr. administration desperately conceals the government's budget deficits to rationalize the true nature of MIF—corruption, cronyism, and the peak of bureaucrat capitalism. "Unang una, puro birthday parties at foreign trips ang inatupag mo sa unang taon mo. Pangalawa, lubog sa utang ang gobyerno mo. Pangatlo, binawasan mo ng pondo ang batayang karapatan ng mga mamamayan tulad ng edukasyon. Nasa'n ngayon ang sinasabi mong 'available funds'?" LFS National Chairperson Ivan Sucgang said. The Marcos Jr. regime's first year in office was marked by irresponsible borrowing and mismanagement of public funds. The illegitimate president sculpted a legacy of favoring his cronies, political allies, and master imperialists amid the dire issues faced by the Filipino people—educational crisis, non-liveable wages, and human rights violations. Despite the mismanagement of funds, Marcos Jr. now holds the largest borrowing binge in history—P118.6B per month. "Sa loob lamang ng isang taon, nilampasan ni Marcos Jr. ang pangungutang ni Duterte at iniangat niya ang utang ng Pilipinas sa P14.1T. Sa kabila nito, nais pang magnakaw ni Marcos Jr. ng P500B pondo para sa Maharlika Fund. Hayok na hayok na makapandamong sa kaban ng bayan si Marcos Jr. at ang kaniyang mga alipores," Sucgang continued. Moreover, the signing of the MIF Bill into law is convenient for the Marcos Jr. administration's forthcoming commencement of its second year in office. The administration railroaded the said bill to rapidly incorporate its initial budget in the upcoming 2024 National Budget Deliberations in August. "Isang malaking scam sa sambayanan ang Maharlika Fund. Kagaya ng kaniyang diktador na ama, korapsyon at kroniyismo ang tugon ni Marcos Jr. sa kagutuman at kahirapan ng mamamayan. Lalo lang pahihirapan ng Maharlika Fund ang taxpayers nating kumakayod sa araw-araw." Sucgang ended. ##

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