A LABOR group has vowed to oppose state-controlled pension funds from allocating any amount to the Maharlika Investment Fund (MIF) even after the Department of Finance (DOF) said such a scheme is allowed through a joint venture.
“That is wishful thinking. If that happens, we will oppose it and demand the resignation of the SSS [Social Security System] commissioners, especially the one representing the workers,” Partido Manggagawa (PM) chair Renato Magtubo told BusinessMirror in a Viber message.
The labor leader made the statement after Finance Secretary Benjamin E. Diokno clarified that both SSS and the Government Service Insurance System (GSIS) are only barred from infusing equity in the MIF.
However, the finance chief said both pensions funds can still invest in the projects, which will be covered by the MIF.
Congress approved last May 31 the bill creating the MIF. The bill will take effect once President Ferdinand R. Marcos Jr. finally. Signs it into law.
PM maintained the MIF bill should be scrapped for being untimely since the country is “operating on a [budget] deficit and burgeoning debt,” as well as being unnecessary, stressing that the economy can grow even without it.
It also said the MIF can negatively affect the operations of the Land Bank of the Philippines, Development Bank of the Philippines and even the national government institutions, which will be required to contribute to its initial capital of the MIF. Magtubo, however, said the bill is now unlikely to be vetoed by the President despite the strong opposition aired by some lawmakers and even labor groups.
“It’s hard to make an appeal on a proposed measure passed by both houses of Congress that is certified urgent by the President himself,” the labor leader said. Thus, PM said it will just resort to other means to stop pension funds from making any MIF-related investments.
