Marcos flawed priorities? Solon blasts hasty Maharlika fund ‘soft launch’ over solving low wages, inflation

INQUIRER FILE PHOTO

MANILA, Philippines — Gabriela Women’s Partylist Rep. Arlene Brosas on Friday unleashed a scathing rebuke of President Ferdinand “Bongbong” Marcos Jr.’s priorities, blasting his plan to pitch his proposed sovereign wealth fund to foreign investors at the World Economic Forum (WEF) without doing anything about low wages and food inflation.

Although the contentious Maharlika Investment Fund (MIF) has yet to win the approval of Congress, the Department of Foreign Affairs has reported that Marcos believes the WEF would be a “great venue” to promote the plan.

READ: Marcos eyes ‘soft launch’ for sovereign wealth fund in Davos summit

According to Brosas, Marcos is demonstrating poor economic judgment.

“Marcos Jr. is pitching the multi-billion Maharlika to foreign investors while effective government intervention on depressed wages and escalating prices of onion, vegetables, eggs and other food items is totally non-existent. It certainly does not compute,” she said in a statement.

Brosas further pressed: “Why not prioritize making staple food items affordable first?”

Brosas, together with five other lawmakers from the House minority, opposed House Bill No. 6608 or the proposed establishment of the MIF.

But they were outnumbered and the HB 6608 soon breezed through the House of Representatives in just 17 days after it was filed – with 279 lawmakers voting in favor of its passage.

READ: Maharlika Bill breezes through House in 17 days  

What the agricultural sector needs

Instead of directing his efforts on bringing the MIF to the world stage, Brosas said Marcos should first find solutions for the economic woes of Filipinos, especially those in the agricultural sector.

Farmers and agricultural producers, according to Brosas, are demanding a sufficient subsidy, lower cost of input and a firmer crackdown on abusive importers and cartels of agricultural commodities.

“The President, sitting as Agriculture chief, has been utterly remiss in fulfilling the demands of our farmers, notwithstanding the apparent collusion of the Department of Agriculture (DA) with importers and traders in the sourcing and pricing of onions in the market,” the lawmaker pointed out.

The Office of the Ombudsman has summoned the DA and Food Terminal Inc. officials over their procurement of millions worth of onions at P537 per kilogram and their decision to import the produce even with the nearing local harvest season.

An investigation on the alleged involvement of the executives in manipulating the prices of agricultural goods will likewise be done by the antigraft body, according to DA deputy spokesperson Rex Estoperez.

READ: Ombudsman summons DA, FTI execs over onion purchase – 

Alliance of Concerned Teachers Partylist Rep. France Castro, who joins Brosas in the Makabayan bloc,  had said this probe is “long overdue,” noting that cartels and collusions have been haunting the industry of onions, among others, for years.

READ: Probe on DA, FTI execs for alleged onion price manipulation ‘long overdue,’ says solon 

The Makabayan bloc has filed House Resolution No. 673, which calls for the House panel on agriculture and food to immediately conduct a legislative inquiry on the potential overpricing and price manipulation of onions in the market.

Marikina Rep. Stella Luz Quimbo also filed a similar resolution, seeking a House investigation on the alleged anti-competitive practices and existence of cartels in the onion industry.

/MUF/abc