New Maharlika IRR eases board qualifications, authorizes President to choose

The revised implementing rules and regulations of the Republic Act 11954 establishing the Maharlika Investment Fund, gives the Philippine President the power to accept or reject recommended appointments to the Board of Directors of the Maharlika Investment Corp.

Under the revised IRR of the Republic Act 11954, the MIC Board will still be composed of nine members, with the Secretary of Finance sitting as chairperson in an ex officio capacity and the MIC president and chief executive officer as vice chairperson.

Other members are the president and CEO of the Land Bank of the Philippines, the president and CEO of the Development Bank of the Philippines, two regular directors, and three independent directors from the private sector.

Section 30 of the revised IRR of the MIF law states that "the President may require the Advisory Body to submit additional names of nominees" should he fail to find a suitable appointee from the initial shortlist submitted by the Advisory Board.

The same section also states that the Advisory Body shall submit to the Office of the President the list of nominees to vacant regular and independent directors and the PCEO positions "not later than 30 days from their vacancy."

The new IRR also mandates the Advisory Body to select suitable and qualified candidates for PCEO vacancies and Regular and Independent Director seats from the public and private sectors.

"Only those nominations and applications that meet all the qualifications and do not have any of the disqualifications will be transmitted to the Advisory Body for further evaluation and shortlisting," the new IRR further stated.

The Advisory Body must submit to the Office of the President the list of nominees for PCEO, regular and independent directors not later than 30 days from receipt of the qualified candidates from the Ad Hoc Technical Unit. The Advisory Board is composed of the national treasurer, the socioeconomic planning secretary, and the budget secretary.

President Ferdinand Marcos Jr. has earlier ordered the deferment of the implementation of the IRR of MIF to pave further review law and make sure safeguards are in place to guarantee transparency and accountability in carrying out its provisions.