The Office of the President has released the revised Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF), reinforcing certain provisions and ensuring professional management free from political interference.
Speaker Martin Romualdez sees the move as a significant step towards enhancing corporate governance and ensuring transparency and accountability in managing the MIF. I Photo: Philippine Information Agency
The revised IRR aligns with principles of good governance and aims to enhance transparency and accountability in implementing Republic Act No. 11954, which established the country's first sovereign wealth fund.
While there are criticisms and doubts about the government's decision regarding the revised IRR, this is seen as a normal reaction in a democratic country like the Philippines, where opinions and freedom of expression hold significant weight.
President Ferdinand R. Marcos Jr. assures the Filipino people that the objectives of the revised IRR are to correctly implement RA 11954, ensuring independence and freedom from political interference.
Monetary Board Member Rosalia De Leon notes that removing qualifications in the IRR aims to provide more independence in determining the specific qualifications of other officers of the Maharlika Investment Council (MIC) to efficiently manage the MIF.
Lawmakers emphasize that the law's objective is to uplift the lives of Filipinos and the country through the MIF.
Speaker Martin Romualdez sees the move as a significant step towards enhancing corporate governance and ensuring transparency and accountability in managing the MIF.
President Marcos' commitment to strengthening the independence of the MIC's Board of Directors is praised, emphasizing the importance of safeguarding this national asset.
Among the noble objectives of the MIF are enhanced investment capital, infrastructure development, increased foreign investment, and strengthened government.
Albay Rep. Joey Salceda, a prominent economist, urges the focus to shift to more pressing issues after the IRR approval, stating that the MIF's implementation will begin before the end of the year.
Salceda emphasizes giving the sovereign wealth fund a chance, as its intention is to promote the greater good and welfare of the people. President Marcos has promised that the MIF will be online by the end of the year, with initial investments starting in 2024.