President Ferdinand Marcos Jr. on Wednesday, Oct. 18, suspended the implementing rules and regulations of Republic Act (RA) No. 11954 or the Maharlika Investment Fund (MIF).

The memorandum signed by Executive Secretary Lucas Bersamin, through coordination with the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) was issued for immediate compliance following “pending further study thereof.”

The Bureau of the Treasury (BTr) was then ordered to “notify all concerned heads of departments, bureaus, offices and other agencies of the executive department, including GOCCS, of such action.”

The MIF will be used to invest national funds and strengthen the “investment activities of the country’s top-performing government financial institutions to promote economic growth and social development.”

Department of Finance (DOF) Secretary Benjamin Diokno earlier stated that the list for the board of directors in the Maharlika Investment Corporation (MIC) by the second week of October. Under the MIF, the MIC will comprise both presidents of the LBP and DBP.

DBP earlier remitted P25 billion to the BTr, representing their share for the capital of MIF.