Brosas says Maharlika may be used to regain Marcos wealth; DOF says not so

The proposed Maharlika Investment Fund (MIF) may be used by President Ferdinand Marcos Jr. and his family to regain the ill-gotten wealth that the Philippines has recovered, a member of the opposition in the House of Representatives has said.

Gabriela party-list Rep. Arlene Brosas, an assistant minority leader in the House, pointed to Article 3, Section 6.3 of the Senate version of the MIF.

The provision states that one of the sources of the MIF will be the Department of Finance's Privatization and Management Office.

It has jurisdiction over properties, real and personal, identified by the Privatization Council, and proceeds from the privatization of government assets, the amount of which will be determined by the Privatization Council consistent with the fiscal program of the government.

The Senate bill states that properties to be contributed to the Maharlika Investment Corporation will be appraised at their fair market value at the time of their transfer while the title, as well as all rights and obligations pertaining thereto, will be transferred to the MIC.

 “This office under the DOF also has the authority to identify the disposition of the assets and properties recovered by the PCGG from the ill-gotten wealth of the Marcos family," Brosas said in a statement.

"President Marcos Jr. is keen on urgently passing the Maharlika Investment fund not only to centralize the government's funds but also to regain control over their family's ill-gotten wealth recovered by the past administrations," she added.

 The PCGG in a constitutional body mandated to recover the ill-gotten wealth of the late former President Ferdinand Marcos, their family and associates.

 "This [provision in the Senate version] completely erases all our efforts for the past few decades to recover the Filipino people's funds stolen by the late dictator Marcos Sr. Magiging instrumento ang Maharlika Investment Fund para baguhin ang kasaysayan ng paglaban ng mamamayan sa diktadurya," Brosas said.

 (MIF will just be an instrument to rewrite our history of people's struggle against the dictatorship.)

 Brosas reiterated her call on the Marcos administration to certify the pending wage hike bills as urgent rather than the MIF.

 "Walang ganansya ang ordinaryong Pilipino sa Maharlika Investment Fund. Ang dapat pagtuunan ng pansin ng gobyerno ay ang pagtataas ng sahod ng mga manggagawa at pagbibigay ng ayuda sa mamamayan sa kabila ng tumitinding krisis sa bansa," Brosas said.

(The Filipino people do not get to benefit from MIF. The government should focus its efforts on increasing the wages of the workers and giving aid amid the dire situation of workers in the country.)

GMA News Online has sought comment from Malacañang and Sen. Imee Marcos as regards Brosas' statement.

Undersecretary Cathy Fong of the DOF-PMO denied that the MIF would compromise the PCGG assets and benefit the Marcoses. 

 “The PCGG assets are separate from PMO-held assets. PCGG is under administrative supervision of the DOJ (Department of Justice)," Fong said in a text message to GMA News Online.

“Also, [the] Maharlika fund is not to the benefit of the Marcos family. PCGG is not under DOF, but they submit properties for disposition to the Privatization Council (PrC). PrC is an inter-agency body. And according to that provision, PrC can identify properties submitted to it for contribution to MIC (Maharlika Investment Corporation)," Fong added.

The MIF bill is still pending in the Senate, but it is expected to hurdle third and final approval before the sine die adjournment.

The House passed the MIF bill on third and final reading in December, but the House version does not provide for DOF-PMO assets as source of funds. —NB, GMA Integrated News