Thread by @METAPHO98428148

CTTO Dencio Acop

#NoToMaharlikaInvestmentFund

‘This is a petition to stop the passage of House Bill 6398 (Maharlika Investment Fund/PH Sovereign Wealth Fund).
Here are at least 13 reasons why WE OPPOSE House Bill 6398 (Maharlika Investment Fund/PH Sovereign Wealth Fund). [

1.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!

2. Land Bank and DBP funds will also be used for the fund. That would drastically limit the funds which the said government banks could lend to MSMEs (the backbone of our economy, in terms of job creation) and ordinary citizens.

3. GSIS & SSS r able to invest pooled members' contributions into so many things even w/o the sovereign fund in place. Bill would only further bloat the existing bureaucracy that gobbles up millions if not billions of unnecessary administrative expenses. Bloated bureaucracy = BAD

4. 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!

5. The bill allows investments in "Financial derivatives". THESE ARE HIGH-RISK INVESTMENTS! Have they forgotten 2008? For starters, watch "The Big Short" (2015), or listen to Fascinating Aida's "The Market." We could lose everything, mind you.

6. The bill's mention of investments on "Listed or unlisted equities..." and "Joint ventures or co-Investments" may seem innocent but these can actually be used to favor big business interests of corporations with links to ruling dynasties. Remember, wala tayo sa Norway.

7. "Third-party fees and all charges incurred in connection with the establishment and management of the MIF" which will be charged to the fund sounds so fishy and unnecessary, especially without ample caps and limitations in the bill.

8. Honoraria and allowances and reimbursements for the fund's bureaucrats are unacceptable, especially since most of them will certainly come from salaried govt or corporate posts too. Sobrang garapal na 'yan!

9. The bill has no mechanism to directly give profits to citizens (especially SSS and GSIS members). Profits would instead be channeled to government financial institutions. And the profits are not even guaranteed ha.

10. As the bill allows the fund to draw from the annual General Appropriations Act or supplemental appropriations, this can possibly reduce available funds for vital social services such as healthcare, education, housing, etc.

11. The bill contains no provision to prioritize investments in "green" jobs creation (especially in the renewable energy sector), agricultural modernization, and industrialization, which could potentially limit any real national benefits from the fund's operations. Para san pa?

12. The bill’s provision on rewards and incentives for bureaucrats is capricious and dangerous without stronger provisions on public accountability of the fund’s administrators. Again, remember, wala tayo sa Norway.

13. The bill is authored by at least two legislators connected to the plunderous dynasty that the Filipino people ousted in 1986. And the same ruling dynasty will have immense power over the sovereign wealth fund for sure. That's a BIG problem!

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?

Please share. Ang mga katiting natin na pensyon sa SSS at GSIS ang nakasalang dito. Kausapin din natin ang mga katrabaho para tutulan ito.’

Kindly unroll please @threadreaderapp