Rep. Joey Salceda described the revised implementing rules and regulations of Republic Act No. 11954, also known as the Maharlika Investment Fund Act, as 'more faithful' to the said law.
Salceda said that the revised IRR lacks the provisions not indicated in RA 11954, which include the functions of the audit committee, and the position of corporate secretary.
"Tinanggal lang talaga nila yung sobra-sobra, yung ultra vires. Yung wala sa batas ay tinanggal nila," Salceda said on Monday, November 13, during DZRH's Dos Por Dos.
"The IRR cannot legislate on behalf of Congress. Hindi sila pwedeng magdagdag at magbawas," Salceda added.
The congressman remarked that the changes increased the discretionary powers, and ensured the independence of the Maharlika Investment Corp. (MIC) Board, which now has the task to draft the functions of the committees.
Salceda said that the new IRR also increased the accountability of the President who can accept or reject nominees for president and chief executive officer of MIC.
The revised IRR also allows the Chief Executive to accept or reject nominees for the MIC Board of Directors.
"Kapag sinabi niyang ayaw niya yung unang pinili na listahan ng board, tapos binigyan siya ng bago, talagang responsible siya doon," the lawmaker explained.
On Monday, the Presidential Communications Office announced the appointment of Rafael Consing Jr. as president and CEO of MIC.
The appointment of Consing came a week after President Ferdinand Marcos Jr. confirmed that the IRR for the MIF Act has been finalized.
