Sabah DAP is disappointed that the EPF investment panel has continued to finance government affiliated projects such as the light rail transit (LRT) project and the newly proposed low-cost housing project.

I oppose the move to use RM1.5 billion from the Employees Provident Fund (EPF) to finance a low-cost housing project as announced in Kuala Lumpur recently.

Federal Territories and Urban Wellbeing Minister Raja Nong Chik Raja Ishak had also reportedly announced an "easy financing scheme" for 20,000 eligible PPR tenants and potential buyers who could not obtain bank loans.

Even banks are not prepared to give the loans. What is the EPF's investment panel doing?

EPF stakeholders would not want to be dealing with a situation where EPF is in trouble instead of the banks when borrowers could not service their loans.

I strongly object to this move as EPF's role is to ensure the financial security of its contributors' retirement funds as its main priority.

The BN government must come clean with this proposed EPF financing scheme as interests of EPF holders must not be compromised.

JUNZ WONG is state assistant secretary for Sabah DAP.