Tutol sa Internet Debate tungkol sa Panganib at Kaalaman

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  

We have revised the title because the bill's proponents have declared yesterday (07 December 2022) that they're removing SSS and GSIS as sources of funding for the Maharlika Wealth Fund (MWF). This is a small initial victory but we must carry on.

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A substitute bill circulating as of 12 Dec. 2022 contains a provision that would allow government financial institutions (GFIs) to still invest in the MWF later. SSS and GSIS are also GFIs. Hence, in the future, if the MWF bill passes, their respective boards would be allowed to invest in the MWF.

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We retain the following contents of the petition as most of the points we raised remain valid. THE BILL STILL NEEDS TO BE JUNKED. TULOY ANG LABAN HANGGANG MAIBASURA ANG BILL!

Here are at least 13 reasons why WE OPPOSE House Bill 6398 (Maharlika Investment Fund/PH Sovereign Wealth Fund). [ANG BERSYON SA WIKANG FILIPINO AY NASA ILALIM DIN...]

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!

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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 jobs creation) and ordinary citizens.

3. GSIS & SSS are able to invest pooled members' contributions into so many things even without the sovereign fund in place.Bill would only further bloat 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!

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5. The bill allows investments on 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.

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8. Honoraria and allowances and reimbursements for the fund's bureaucrats are unacceptable, especially that 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 the 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.

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11. The bill contains no provision to prioritize investments on 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!

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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.

Ang orihinal na pamagat ng petisyon ay Hands off our SSS and GSIS contributions, NO TO House Bill 6398!. Binago natin nang kaunti ang pamagat dahil kahapon (07 December 2022) ay sinabi ng mga nagsusulong ng bill na inaalis na nila ang  SSS at GSIS sa mga pagkukunan ng pondo para sa  Maharlika Wealth Fund. Ito ay munti at panimulang tagumpay pero tuloy ang laban.

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Isang substitute bill na umiikot na sa Kongreso as of 12 Dec. 2022 ang naglalaman ng probisyon na nagbibigay-pahintulot sa government financial institutions (GFIs) na mamuhunan pa rin sa MWF malaon. Ang SSS at GSIS ay  GFIs. Samakatwid, sa hinaharap, kapag nakalusot ang panukalang batas sa MWF, pwede pa ring maglagak ng pera sa MWF ang SSS at GSIS.

Pinanatili natin ang mga nilalaman ng petisyon sa ibaba dahil karamihan sa ating mga punto ay makatwiran at balido pa rin. DAPAT PA RING MAIBASURA ANG BILL! TULOY ANG LABAN HANGGANG MAIBASURA ANG BILL!

Noong Nobyembre 28, 2022, nagfile ng bill ang ilang kongresistang konektado sa administrasyon (kasama ang anak ng presidente) para buuin ang Maharlika Investment Fund o Sovereign Wealth Fund ng Pilipinas. Niraratsada ito ngayon sa Kongreso (naaprubahan na nga ng isang panel doon kahit na walang malawakang konsultasyon sa mga mamamayang apektado).

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Malaking tipak ng nasabing investment fund ang mangggagaling sa pera ng SSS at GSIS na mula naman sa ating kontribusyon. Ibig sabihin, ang pera natin ay gagamitin ng gobyerno para mamuhunan sa iba’t ibang bagay na sabi nila’y pwedeng tumubo at pwede tayong makinabang. Pero kapag sinuring mabuti ang panukalang batas, magiging malinaw na wala tayong mapapakinabangan dito at malaki pa nga ang posibilidad na malagay sa peligro ang pensyon ng mga retirado na at ang kontribusyon sa SSS at GSIS ng mga nagtatrabaho ngayon. Narito ang 13 dahilan bakit tutol tayo sa House Bill 6398.

1.Walang malinaw at malakas na probisyon para sa sapat na representasyon ng mga manggagawa sa entidad na mangangasiwa sa pondo, gayong ang malaking porsyento ng pondo ay galing sa kontribusyon natin bilang mga SSS at GSIS members. PERA NATIN 'YUN PERO WALA TAYONG KINATAWAN!

2. Ang pera ng Land Bank and Development Bank of the Philippines (DBP) ay gagamitin din para sa pondong ito. Kung gayon, maaaring mabawasan ang pera ng Land Bank at DBP para sa pagpapautang sa mga ordinaryong mamamayan at maliliit na negosyo (MSMEs) na siyang pundasyon ng ating ekonomiya pagdating sa paglikha ng mga trabaho.

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3. Kahit walang sovereign wealth fund, nagagawa naman ng GSIS & SSS na gamitin ang kontribusyon natin para mamuhunan sa maraming bagay. Palalakihin lang ng panukalang batas ang umiiral na burukrasya na milyun-milyon kundi man bilyun-bilyong piso ang inuubos para sa mga walang saysay na gastos sa “administrasyon” o “administrative expenses.”

4. Hindi sapat ang itinakdang limitasyon ng panukalang batas para sa mga gastos sa administrasyon at operasyon ng pondo. Pera natin, gagamiting pampasarap ng mga burukrata na wala namang alam at walang ginagawang para sa bayan. HINDI PWEDE ‘YAN!

5. Pinapayagan ng panukalang batas ang pamumuhunan sa Financial derivatives. ANG MGA GANITONG INVESTMENT AY HIGH-RISK (may malaking tsansa na malugi o mawala ang puhunan)! Nakalimutan na ba nila ang 2008? Ang “financial derivatives” ang isa sa mga pangunahing sanhi ng global na pinansyal na krisis noon. Maaaring panoorin ang pelikulang The Big Short (2015), o pakinggan ang awit ng Fascinating Aida na The Market” kaugnay nito. Ang pamumuhunan sa “financial derivatives” ay parang sugal na mahirap manalo at malaki ang tsansang matalo. Pwedeng mawala ang lahat sa atin!.

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6. Binabanggit sa panukalang batas ang pamumuhunan sa Listed or unlisted equities... at Joint ventures or co-Investments na parang wala namang masama pero sa aktwal ay maaaring gamitin para paboran ang interes ng mga dambuhalang korporasyon na may koneksyon sa mga namumunong dinastiya. Tandaan natin na wala tayo sa bansang gaya ng Norway na matino ang pamamahala at may transparency ang gobyerno.

7. Ayon sa panukalang batas, ang pondo ay maaaring gastusin para sa Third party fees and all charges incurred in