The Department of Finance (DOF) on Monday, Nov. 13, welcomed and expressed full support for the revised Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) Act.
"The Department of Finance (DOF) welcomes and fully supports the revised Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) Act. The enhancements introduced by the IRR are all within the bounds of the law, meant to give full meaning to the establishment of a strong corporate governance structure," DOF Secretary Benjamin Diokno said in a statement posted by the Presidential Communications Office (PCO).
According to Diokno, the revised IRR guarantees that the Maharlika Investment Corporation (MIC) board of directors will exercise independence, allowing the creation of "credible oversight and risk management bodies while upholding the highest standards of effective fund management."
"Its finalization comes at an opportune time as investors, both local and international, have signified in several investor promotion engagements their robust interest in the country’s first-ever sovereign wealth fund," he said.
The DOF Secretary furthered that the revised Maharlika Fund's revised IRR affirms the commitment of President Ferdinand 'Bongbong' Marcos Jr.'s administration to "see the Fund off and running by the end of the year and effectively paves the way for the full operationalization of a well-structured, robust, and effective sovereign wealth fund that will advance the Philippines’ long-term growth. "
It can be recalled that Marcos suspended the IRR for of MIF "pending further study thereof" on Oct. 18.
Last Nov. 6, the President announced that the revised IRR had been finalized.
Under the revised IRR published in Official Gazette's website on Saturday, Nov. 11, qualifications for the MIF board of members such as a master's degree; 10 years of experience in finance, investments, or economics; a strong track record; and ethical standards were scrapped.
