Dear fellow citizens,

Today, we have reached more than 48,000 signatures.

We can declare an initial victory too. A few minutes ago, Maharlika Fund proponents have been quoted in media as saying that they have removed SSS and GSIS as fund sources in the revised bill. Our collective actions online and in Congress, and for some of us, more especially in the streets/rallies, have made them realize that it's risky and crazy to gamble away our people's SSS and GSIS contributions/pension funds.  

However, the bill is still full of so many red flags.

For example, general appropriations (the national budget from our taxes) will still be used for the Maharlika Fund even under the revised bill. The priority investments of the fund include "financial derivatives" which are very high-risk as shown in the 2008 global financial crisis. 

Economists are also saying that drawing money from the Bangko Sentral (which Maharlika Fund proponents want) is a risky move.

Furthermore, there are no enough safeguards that the fund will be free from conflict of interest, abuse, and corruption.

Hence, we still call for the scrapping/junking of House Bill 6398/Maharlika Fund.

Let us share the petition as widely as possible. Let us conduct forums and assemblies to discuss this and other related issues. Let us be vigilant and prepare for possible mass protests if they insist in railroading the bill. 

POWER TO THE PEOPLE! TULOY ANG LABAN!

Yours in solidarity,

David

P.S. Here's the updated position paper that we presented in Congress in a recent hearing: https://www.researchgate.net/publication/366000387_18_Reasons_Why_WE_OPPOSE_House_Bill_6398_Position_Paper_on_Maharlika_Wealth_Fund_MWFPH_Sovereign_Wealth_Fund_SWF