By Anna Leah Gonzales, November 6, 2023; Philippine News Agency
MANILA – President Ferdinand R. Marcos Jr. announced on Monday that the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) have been finalized.
“The Implementing Rules and Regulations of the Maharlika Investment Fund have been finalized. Upon approval, we’ll swiftly establish the corporate structure, getting the MIF up and running,” President Marcos posted on Facebook.
Senior Undersecretary Elaine Masukat and Undersecretary Rodolfo John Robert Palattao IV of the Presidential Management Staff; Undersecretary Leonardo Roy Cervantes of the Office of the Executive Secretary; Government Service Insurance System General Manager Jose Arnulfo Veloso; and Office of the Presidential Adviser for Investment and Economic Affairs Raphael DC Consing Jr. were present during the finalization of the IRR.
Representatives from the Bureau of the Treasury (BTr), Office of the Deputy Executive Secretary for General Administration and Office of the Deputy Executive Secretary for Legal Affairs also witnessed the finalization.
Last month, President Marcos ordered a further review of the Fund’s IRR.
In an Oct. 12 memorandum signed by Executive Secretary Lucas Bersamin by the authority of the President, the BTr, in coordination with the Land Bank of the Philippines and the Development Bank of the Philippines, was directed to initially hold the implementation of the IRR of Maharlika “pending further study thereof.”
Signed into law on July 18, the MIF was established to optimize national funds by generating returns to support the government’s economic goals laid out in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028.
The MIF will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects that contribute to the attainment of sustainable development.
Before leaving for the Association of Southeast Asian Nations-Gulf Cooperation Council Summit in Riyadh, Saudi Arabia last month, Marcos emphasized that the operationalization of the MIF will push through before year-end.
“We are still committed to having it operational before the end of the year,” President Marcos said. (PNA)