Natanso is real!
The ominous link between the controversial and corrupt Coco Levy Fund of the late dictator Ferdinand Marcos and his son, now Philippine President Bongbong Marcos’s new pet project, the Maharlika Investment Fund, has raised significant concerns. The Maharlika Investment Fund, alleged to be a sovereign wealth fund to be funded by the government and state-owned corporations, has drawn attention due to its potential for corruption.
Fortunately, several senators, including Senator Tulfo, Senator Villanueva, and Senator Cayetano, have taken action to address this issue. They have proposed an amendment explicitly excluding social welfare funds such as SSS, GSIS, PhilHealth, and Pag-IBIG from contributing to the controversial Maharlika Investment fund (MIF). This move aims to safeguard these essential funds and prevent their exploitation in questionable projects.
With the seemingly inevitable passage of the MIF, it iscrucial to recognize the history of scams and corruption associated with the Marcos family. The Coco Levy Scam orchestrated by Ferdinand Marcos during his dictatorship stands out as one of the most notorious. Under this scheme, the coco levy funds extracted a staggering ₱70 billion from coconut farmers by 1982. Tragically, the resistance shown by the farmers was met with violence, including incidents like the Daet and Guinayangan massacres in Quezon.
Instead of being utilized for the development of the coconut industry, every penny of the coco levy funds was misused by Marcos’s cronies to amass personal wealth. These ill-gotten gains allowed Marcos’s associates to entrench themselves in positions of privilege and power.
The coco levy itself was imposed as a tax on coconut farmers between 1972 and 1982, ostensibly aimed at promoting the growth of the coconut industry. The Coconut Investment Act, enacted in 1971, authorized the collection of this tax, with a portion intended for the Coconut Investment Fund. However, Marcos later introduced additional levies, such as the Coconut Consumers Stabilization Fund and the Coconut Industry Development Project Fund, further burdening the farmers.
In the aftermath of Marcos’s regime, efforts have been made to rectify the injustices caused by the coco levy scam. The sequestration of assets held by United Coconut Planters Bank (UCPB), including a significant stake in San Miguel Corporation (SMC), aimed to reclaim funds acquired through the exploitation of coconut farmers. The Supreme Court ruled in favor of the government’s claim on these assets, considering them as public funds.
The recovery of a substantial amount, approximately P71.6 billion, from the SMC shares in 2012 marked a significant step towards justice. However, the process of resolving the issue and ensuring that the funds are used to support coconut farmers and their industry has been a long and arduous legal battle.
Given this context, the emergence of Bongbong Marcos’s Maharlika Investment Fund raises legitimate concerns among the public. While the initial funding of P200 billion, or probably more, pales in comparison to the scale of his father’s Coco Levy Scam, the potential for corruption and exploitation remains a significant worry.
The actions of senators advocating for the exclusion of social welfare funds from contributing to the Maharlika fund somehow demonstrate a commitment to protect the interests of the people. However, they still voted to approve this dangerous proposal. Thus, iis essential to remain vigilant and ensure that any public funds allocated to development projects are utilized transparently and genuinely benefit the intended recipients.
As the nation moves forward, it is crucial to learn from history and prevent the repetition of past mistakes. Transparency, accountability, and the protection of public funds must be prioritized to safeguard the interests of the Filipinopeople. The government, along with its institutions and officials, must work tirelessly to restore trust and ensure that the Maharlika Investment Fund, or any other initiative, remains free from corruption and exploitation.
The coco levy scam of the father serves as a stark reminder of the devastating consequences that arise when public funds are misused for personal gain. The suffering endured by coconut farmers, coupled with the violence perpetrated against them, should never be forgotten. Their resilience and determination to seek justice should inspire us all to strive for a fair and equitable society.
Thus, Marcos Junior’s MIF scam must be opposed at all cost! The Coco Levy Fund serves as a stark reminder of how public funds can be misappropriated for personal gain, enriching a select few while leaving the majority of the people suffering.
The evidence of how Ferdinand Marcos Sr. exploited the Coco Levy Fund to amass wealth for himself, his family, relatives, and cronies should serve as a clear warning. It is our responsibility as citizens to stand against any initiative that carries even the slightest resemblance to past corrupt schemes.
The MIF, if it could not be purged outright, must be scrutinized meticulously, with utmost transparency and accountability. The lessons learned from history demand that we safeguard public funds from falling into the wrong hands, especially when they are meant to support the welfare of the people and foster national development.
Let us not allow the mistakes of the past to repeat themselves. The scars left by the Coco Levy Scam, the Natanso scam in 2022, and other instances of corruption serve as a reminder of the urgent need to safeguard the interests of the Filipino people. We must remain vigilant, demand transparency, and hold those in power accountable for their actions.
Yes, never again!
Vincenton Blog 