House Speaker Martin Romualdez expressed his support for the revised implementing rules and regulations or IRR of the Maharlika Investment Fund law.
"This move is a significant step towards enhancing corporate governance and ensuring that the MIF is managed with the utmost transparency and accountability," Romualdez said in a statement over the weekend.
Last week, Malacañang released the new IRR of the MIF law that allows President Ferdinand Marcos Jr. to accept or reject nominees submitted by the Maharlika Investment Corporation's advisory board for positions on the board.
Romualdez said the revised IRR of the law will protect and guarantee the newly created sovereign fund from the dangers of political interference.
"The autonomy of the MIC Board allows for more objective and effective decision-making, free from undue political influence. This is crucial in overseeing a fund of this magnitude, which is pivotal to our nation's economic growth," he pointed out.
"The final IRR, as introduced by the President, clarifies the Board's discretionary powers while ensuring adherence to the law and alignment with the nation's socioeconomic development program," he added.
Romualdez also highlighted the specific instruction of the Chief Executive for the MIC Board to enjoy "independence."
"President Marcos' directive to review and strengthen the IRR of the MIF underscores the importance of safeguarding this national asset," he said, adding the MIC Board composition alone "further guarantees a well-rounded perspective in managing the fund."
Robust economy
The House leader expressed confidence the fund would prop "a more robust and stable economy" from which even ordinary Filipinos stand to benefit, with job opportunities, improved public services, and a higher standard of living."
"The MIF, if managed independently and efficiently, can significantly contribute to the nation's socioeconomic development, aligning with the government's broader goals," Speaker Romualdez stressed.
Romualdez is optimistic that the Marcos administration will be able to finish MIF's operationalization before the year ends.
Budget Secretary Amenah Pangandaman on Sunday said the revised IRR will allow its board to operate independently and efficiently without undue political interference.
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," she said in a statement.
Six candidates
She added that the President assured the MIC Board members they would be free 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.
The MIC Board, she said, 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 align 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.
"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 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 reducing the qualifications required for top officials of the Maharlika Investment Corporation.
