Revised MIF more efficient, independent—DBM Sec

Budget Secretary Amenah Pangandaman on Sunday said the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) will allow its board to operate more independently and efficiently without undue political interference.

In a statement, Pangandaman commended President Ferdinand Marcos Jr. on releasing the revised MIF IRR, saying that this will allow the fund to become operational by the end of this year.

"I am glad of this development, as this shall allow the MIC Board to have the liberty and flexibility to fulfill its mandate and explore beneficial investment opportunities while adhering faithfully to the letter of the law and ensuring high-impact investments that are in line with the country's socioeconomic development policies and programs," Pangandaman said in a statement.

Pangandaman said that the President assured that the MIC Board members will have the necessary freedom to oversee the fund without undue political interventions.

"This will also improve accountability, openness, and efficacy in carrying out the law's provisions," she said.

Pangandaman added that the MIC Board will have the liberty and flexibility to explore beneficial investment opportunities while adhering faithfully to the letter of the law and ensuring high-impact investments that are in line with the country's socioeconomic development policies and programs.

"I am positive that the MIF will be functional by the end of this year, on track and consistent with the timeline given earlier," she said.

Pangandaman also committed her full and unequivocal support for the smooth implementation of the MIF's IRR.

"I have trust and confidence that MIF's managers will perform their duties and responsibilities to the best of their abilities for the good of the nation," she said.

On 12 September 2023, the Presidential Communications Office invited individuals to apply or nominate candidates for the positions of MIC officers. The Department of Budget and Management (DBM) website contains the posted requirements and qualifications.

The pool of six candidates comprises the MIC president and CEO, two regular directors, and three independent directors.

But on Saturday, Malacañang published the updated IRR of the MIF Act. The revisions extend the authority of the board of directors and the President while also reducing the qualifications required for top officials of the Maharlika Investment Corporation (MIC).

The modifications outlined in Rule VI of the IRR governing the MIF have been detailed on the Official Gazette website.

Section 30 of the IRR has been amended to grant the President the authority to either accept or reject recommendations put forth by the advisory body for nominees vying for the roles of President and chief executive officer (PCEO), regular directors, and independent directors within the MIC.

"In the interest and exigency of service, the Advisory Board shall submit to the Office of the President the list of nominees to vacant Regular and Independent Director, and the PCEO positions not later than thirty (30) days from such vacancy," the provision read.

"Provided that the President may either accept or reject the recommendation of the Advisory Body: and, Provided, finally, that the President may require the Advisory Body to submit additional names of nominees," it added.