The implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) have been finalized, President Ferdinand Marcos Jr. announced on Monday, November 6.
"The Investment Rules and Regulations of Maharlika Investment Fund have been finalized," Marcos said in a Facebook post.
"Upon our approval, we'll swiftly establish the corporate structure, getting the MIF up and running," the president added.
It can be recalled that on October 18, Marcos announced the suspension of the IRR for "pending further study thereof."
The suspension has been clarified by the Executive Chief right before he leaves the country prior to his agenda in Riyadh, Saudi Arabia.
"We are, the organization of the Maharlika Fund proceeds apace, and what I have done though is that we have found more improvements that we can make, specifically to the organizational structure of the Maharlika Fund," the President said.
The concept of the Maharlika Fund as a sovereign fund, according to Marcos, will remain as the government is still committed to having it operational before the end of the year.
"We should not misinterpret what we have done as somehow a judgment on the rightness or wrongness of the MIF; on the contrary, we are just finding ways to make it as close and ideal as possible," he remarked.
Marcos reaffirmed that economic managers and "personalities who will actually be involved in the fund" had been consulted regarding the MIF.
On July 18, Marcos signed into law Republic Act No. 11954, or the Maharlika Investment Fund (MIF) Act of 2023, with the aim of optimizing national funds by generating returns to support the Marcos administration's economic goals laid out in the Medium-Term Fiscal Framework, the 8-Point Socioeconomic Agenda, and the Philippine Development Plan 2023–2028.
