DIOKNO SUPPORTS REVISED MAHARLIKA IRR

THE Department of Finance (DOF) on Monday expressed full support to the amendments on the Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) Act.

Finance Secretary Benjamin Diokno, in a statement, said the enhancements introduced by the IRR are all within the bounds of the law, meant to give full meaning to the establishment of a strong corporate governance structure.

“In particular, the IRR’s emphasis on ensuring the independence of the Board of Directors of the Maharlika Investment Corporation (MIC) allows it more headroom to form credible oversight and risk management bodies while upholding the highest standards of effective fund management,” Diokno said.

The DOF secretary also said that the finalization of the Maharlika IRR comes at an opportune time as investors, both local and international, have signified in several investor promotion engagements their robust interest in the country’s first-ever sovereign wealth fund.

Diokno added that this also affirms Ferdinand “Bongbong” Marcos Jr. administration’s commitment to see the Fund off and running by the end of the year and effectively paves the way for the full operationalization of a well-structured, robust, and effective sovereign wealth fund that will advance the Philippines’ long-term growth.

Earlier, House Speaker Ferdinand Martin G. Romualdez also expressed support to the final implementing rules and regulations that will govern the Maharlika Investment Corporation, which he said will protect and guarantee the fund from the dangers of political interference.

“This move is a significant step towards enhancing corporate governance and ensuring that the MIF is managed with the utmost transparency and accountability,” Speaker Romualdez said, hailing President Marcos’ commitment to “strengthening the independence”’ of the MIC’s Board of Directors.

“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,” Romualdez, the leader of the 300-plus strong House of Representatives, pointed out.

“The final IRR, as introduced by the President, clarify the Board’s discretionary powers while ensuring adherence to the law and alignment with the nation’s socioeconomic development program,” the president of the 77-strong Lakas-Christian Muslim Democrats (CMD) party said.

Romualdez highlighted the specific instruction of the Chief Executive for the MIC Board to enjoy “independence,” which is clearly his demonstration of a “a strong commitment to good governance practices, which will foster investor confidence and attract more investment to our country.”