Thursday, July 20, 2023

MIF will be Marcos' mother lode of corruption - Communist Party of the Philippines

Marco L. Valbuena, Chief Information Officer
Communist Party of the Philippines

July 19, 2023

The Communist Party of the Philippines (CPP) joins various democratic organizations in denouncing Ferdinand Marcos Jr for signing the ₱500-billion Maharlika Investment Fund (MIF) which he and his minions in congress railroaded despite widespread opposition by the Filipino people.

Without a doubt, the MIF will serve as the mother lode of corruption under the Marcos regime. It will be the single biggest source of corruption in the country's history. Not only was the signing of the MIF itself shrouded in secrecy with the final text of the law being kept from the public, the operations and investment decisions of the MIF officers are also not open to public scrutiny.

Marcos Jr is clearly determined to raise the bar of Philippine corruption and break records set under the 14-year martial law dictatorship of his father. Imelda Marcos is surely proud of her son.

The MIF is a brazen scheme to use public funds to extend favors to big bourgeois comprador business operations, in exchange for political support and shares in profits. Marcos Jr's MIF will be crony capitalism on steroids. It will surely be used to expand the powers of the ruling Marcos dynasty, perpetuate political patronage and serve as funds for future elections.

Amid rising prices, low wages, acute joblessness, rural dislocation and economic dispossession, it is extremely callous for the Marcos regime to prioritize the interests of his cronies and their foreign capitalist partners.

The CPP urges the Filipino people to firmly unite and oppose the MIF will all vigor. The must raise their voices in protest as corruption schemes—from smuggling to infrastructure building—are being carried by Marcos and his cohorts with gross temerity.

PRWC | Philippine Revolution Web Central

PRWC is the online portal of the Philippine Revolutionary Movement. It features updates and statements of the Communist Party of the Philippines, New People's Army and allied organizations of the National Democratic Front of the Philippines.


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