Teachers’ group opposes, vows to block Maharlika Investment Fund bill
MANILA, Philippines — The Alliance of Concerned Teachers (ACT) on Saturday slammed the proposed P250 billion Maharlika Investment Fund, which would source money from pension funds of the Government Service Insurance System (GSIS) and Social Security System (SSS).
According to the House bil 6394, on top of sourcing money from GSIS and SSS, the Maharlika Investment Fund would also utilize money from the Landbank of the Philippines, Development Bank of the Philippines, and P25 billion from the national government.
“For most of our productive years, working people live off on scant wages further deducted with pension funds, hoping that we will not go hungry upon retirement. How dare they suggest to wager our future to uncertainty and entrust our money to dubious hands, and with no stringent safety nets nor measures for accountability at that?” said ACT National Capital Region Union President Ruby Bernardo.
Bernardo explained that the proposed fund is dubious, as it asked to be exempted from existing legal safeguards against corruption.
Article VII of the proposed bill lists down the Maharlika Investment Fund’s exemptions and privileges, including being tax- exempt and immunities from the Government-owned or controlled corporations governance Act of 2011.
“Gayong nakapataw ang mga batas na ito ay malaganap na ang pangungurakot sa kabang bayan, ano na lamang ang mangyayari sa pensyon namin kung wala ang mga proteksyong iyan?” asked Bernardo.
(There is widespread corruption with such laws in place, what will happen to our pension if these protections are not there?)
Bernardo added that public school teachers are the biggest GSIS contributors as government employees, and the teaching solon will reject and fight the proposed law.
“Hindi kami papayag na mangyari ito, tututulan at lalabanan namin ang Maharlika Investment Funds hanggang tuluyang maibasura at madurog ang masamang planong ito,” said Bernardo
(We will not let this happen, we will oppose and fight the Maharlika Investment Funds until it is completely trashed and this evil plan is dissolved.)
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