Senate is now railroading the Maharlika Fund Bill (Senate Bill 2020)

Petition updateHands off taxpayers' money, NO TO Senate Bill No. 2020!Senate is now railroading the Maharlika Fund Bill (Senate Bill 2020)

David Michael San JuanPhilippines

May 22, 2023

NEWEST UPDATE (23 MAY 2023)

The Senate is now railroading Senate Bill 2020 (its version of the Maharlika Fund Bill). Marcos Jr.'s economic managers say they want it passed before the next State of the Nation Address (SONA) in July 2023. Way back in December 2022, senators promised to scrutinize the Maharlika Fund bill and ensure that their version would be better. Another broken promise. The current Senate bill does not respond to our clamor for a genuine people's wealth fund. Moreover, to a certain extent, some of its provisions can even be interpreted to allow SSS, GSIS, and Pag-ibig Fund managers to voluntarily use our pension funds and contributions for the Maharlika Fund. Under the current version's Section 6, requesting or requiring them to contribute to Maharlika Fund is prohibited, hence laying the ground for the possibility that they could voluntarily do it. The bill also allows the government to privatize state assets to finance Maharlika Fund. With the Senate version of the bill echoing most of the congressional version's provisions and actual intent, our original arguments against the congressional version of the bill are still generally valid: 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