Malacañang's announcement of the suspension of implementing rules and regulations of the Maharlika Investment Fund on 18 October, ten days short to two months after its release, was no surprise to many.

Critics of the sovereign wealth fund recently raised concerns about its legality by filing a legal challenge with the Supreme Court. They argued that the fund needed to be properly established in accordance with constitutional requirements.

The petitioners said the economic viability assessment mandated by the Constitution was not fulfilled, and the creation of the MIF, under Republic Act 11954 or Maharlika Investment Fund Act of 2023 signed on 18 July, infringed upon the central bank's independence.

The President was surprised, not by the IRR suspension, but by how alarming news reports were interpreting the suspension order "somehow as a judgment of the rightness or wrongness of the Maharlika Fund."

When the IRR of a law is suspended, the guidelines and procedures necessary to put the law into effect are temporarily halted or are still being finalized. For all intents and purposes, the IRR provides specific details on how the law should be implemented, including the processes, requirements, and timelines involved.

To say that more improvements could be made, specifically to the MIF's organizational structure to make it a better organization, is deemed a sugar-coated narrative rather than owning up to the flaws or imperfections.

If an IRR is suspended, it could indeed affect the law's implementation. Without clear guidelines and procedures, government agencies and individuals may face uncertainties or difficulties in complying with the law's requirements. This could lead to delays or a lack of implementation, and hinder the intended objectives of the law.

The suspension of the IRR, which offers an opportunity to identify and rectify such unintended outcomes, is a temporary measure and does not necessarily mean the law is invalidated. It may be a temporary setback for various reasons, such as legal challenges, revisions, or policy changes. Once the IRR issues are resolved, the law's implementation can proceed with clarity to facilitate its smooth execution.

Within the realm of governance and legislation, a delicate balance exists between effective enforcement and essential flexibility. The recent suspension memorandum signed by Executive Secretary Lucas Bersamin exemplifies such circumstances — an afterthought that the IRR warrants a critical evaluation.