Members of militant group Bagong Alyansang Makabayan (BAYAN), trooped to the House of Representative to demand the junking of the notorious Maharlika Wealth Fund (MWF),or the Maharlika Sovereign Fund, which allots P175 billion of pension funds, P200 billion from the Landbank of the Philippines and Development Bank of the Philippines, and the National government to a new government corporation.
The group said the Maharlika Wealth Funds are exempt from the government procurement reform act, the Philippine Competition act , The Dividends Law of 1994, other revenue laws and the regulatory restrictions of the government financial institutions.