Revised Maharlika IRR pushes MIC board’s independence from political influence

The revised implementing rules and regulations of the Republic Act 11954 establishing the Maharlika Investment Fund, will push for pure independence of the Board of Directors of the Maharlika Investment Corp., a member of the IRR review group said on Saturday.

Rosalia De Leon, the monetary board member and former Treasurer of the Philippines, said the revisions made in the IRR of MIF law stemmed from President Ferdinand Marcos Jr.'s order to "insulate" MIC officers "from political influence and considerations in setting the qualifications."

"The reason for removing the qualifications in the IRR is to give more independence to the Board in determining the specific qualifications of the other officers of the MIC to carry out its mandate to efficiently manage the MIF," de Leon explained.

She said Marcos wants to guarantee that MIC could exercise independence when managing the country's sovereign wealth fund in place of good corporate governance.

"The President wants the Board to be insulated from political influence and considerations and would like to give the leeway to set the qualifications in the best way they know how based on their experience and expertise in fund management," de Leon underscored.

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