Gabriela Women’s Party strongly denounced the signing of the Maharlika Investment Fund Law, citing serious flaws that can potentially lead to corruption and misuse of public funds.

Assistant Minority Leader and Gabriela Women’s Party Rep. Arlene D. Brosas asserts that the bill is economically unsound, and contains legal loopholes that can facilitate graft and corruption.

“Despite claiming to be beneficial to the country financially, the recently-signed law has deep flaws that will ultimately lead to mass corruption. Lack of clarity and defined boundaries regarding the Board of Directors’ powers and authority can lead to unchecked discretion and absolute decision-making, which is extremely dangerous,” stated Rep. Arlene Brosas.

“President Marcos Jr. can easily appoint and control the MIF’s Board of Directors. With the government’s track record of not being transparent in terms of handling funds, we cannot trust it in handling P500 billion worth of public funds which could have been used for social services,” she added.

Rep. Brosas said that given the current state of affairs in the government and the country, the proposed law “goes against common sense and will put the country’s economy at risk.”

“With reports of the Philippines losing around P700 billion annually to graft and corruption, investing such a significant amount of money from depleted public funds will definitely impact the lives of ordinary Filipinos who are already reeling from the effects of the economic crisis todaym” Rep. Brosas said.

“There are pressing issues that demand priority in terms of public funding, such as significant wage increase, supporting jeepney drivers in their call for subsidies, and genuine public housing. Hindi solusyon ang Maharlika Scam sa matinding kahirapan na nararanasan ng ordinaryong mamamayan,” emphasized Rep. Brosas.

Gabriela Women’s Party firmly stands against the Maharlika Investment Fund Act, as it could lead to financial losses for the Filipino people, both from risky external investments and internal corruption.

“Sa nalalapit na State of the Nation Address, asahan ni President Marcos Jr. ang pagdagsa ng malawak na hanay ng mamamayan na patuloy na titindig laban sa Maharlika Scam at patuloy na nananawagan para sa signipikanteng dagdag sahod,” concluded Rep. Brosas