In a statement last 19 July, the Communist Party of the Philippines (CPP) denounced the Marcos Jr. regime for signing the Maharlika Investment Fund and described this as the “single biggest source of corruption in the country’s history” by the Marcos regime.

The MIF was recently signed into law, and was railroaded by the Marcos’ allies in Congress and Senate despite strong opposition from people’s organizations and some legislators.

Marcos Jr. and the principal authors of this law, namely his congressman-son and speaker of the house-first cousin, have trumpeted this measure purportedly to ‘promote development through investments that would come from a Php500-billion fund sourced from government agencies and corporations.’

Dealing in this investment fund is similar to those other countries which, for instance, are oil-rich and or have resource surpluses. A similar fund put up in Malaysia during the time of Prime Minister Najib Razak ended up in corrupt hands and triggered a worldwide investigation of wide-scale embezzlement and thievery that included some American imperialist financial institutions.

Najib was later accused and convicted of corruption and money laundering and have to spend 12 years in jail.

The CPP said that the signing of the MIF was 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. This fund, according to the CPP, will be used 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,” the CPP stressed.

“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 said.