Bongbong Marcos Maharlika Fund Operational by Yearend

10/20/23, 11:00 PM Bongbong Marcos: Maharlika Fund operational by year-end
Oct 20, 2023
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LATEST NEWS STORIES HEADLINES METRO REGIONS NATION WOR
HEADLINES
SUSPENSION NEEDED TO MAKE IT ‘CLOSE TO PERFECT’
Bongbong Marcos: Maharlika Fund

operational by year-end
By: Nestor Corrales - Reporter / @NCorralesINQ Philippine Daily Inquirer / 05:32 AM October 20, 2023
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President Ferdinand Marcos Jr. delivers a speech at the Villamor Airbase in Pasay City before flying to Saudi Service as a Center of
Arabia on Thursday, October 19, 2023, to attend the Association of Southeast Asian Nations-Gulf Cooperation Excellence
Council Summit. | PHOTO: INQUIRER.net/Ryan Leagogo
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President Ferdinand Marcos Jr. on Thursday said the suspension of the bold new look
implementing rules and regulations (IRR) of the Maharlika Investment NEWSINFO
Bongbong Marcos says
Fund (MIF) was meant to make the country’s first sovereign wealth fund “as Maharlika Investment
close to perfect and ideal as possible.” Fund pushes through
In his speech at Villamor Air Base before leaving for Saudi Arabia to attend
the Association of Southeast Asian Nations-Gulf Cooperation Council TAGS: Bongbong Marcos, Maharlika, MIF
Summit (Asean-GCC) in Riyadh, the President said the MIF would be up and
running by year-end.
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He said the concept of the MIF as a sovereign wealth fund “remains a good EMAIL ADDRESS SIGN ME UP
one,” and “we are still committed to having it operational before the end of By providing an email address. I agree to the
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experience have
our done as somehow a judgment
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on the rightness or wrongness
find out more, please click this link. of the Maharlika Fund,” he said.
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“On the contrary, we are just finding ways to make it as close to perfect and
ideal as possible. And that was what we have done,” he added.
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READ: The Maharlika Investment Fund and its promise
Mr. Marcos made the clarification as he admitted that he was a “bit

alarmed” by news reports that the MIF was put on hold.
y p p
Oct 20, 2023
“Quite the contrary. The organization of the Maharlika Fund proceeds
apace. And what
NEWS GLOBALI have done thoughBUSINESS
NATION is that we have LIFESTYLE
found more ENTERTAINMENT TECHNOLOGY SPO
improvements
LATEST NEWS STORIESthat we can make specifically to the organizational
HEADLINES METRO structure
REGIONS NATION WOR
of the Maharlika Fund,” he said, without elaborating.
According to the President, the possible improvements in the IRR of the MIF
were done in consultation not only with the government’s economic
managers but also with the people and the personalities who would
actually be involved in the fund.
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Memo on IRR suspension

Concerns about the fate of the MIF stemmed from a memorandum dated
Oct. 12 from Executive Secretary Lucas Bersamin and addressed to the
heads of the Bureau of Treasury, Land Bank of the Philippines (Landbank)
and Development Bank of the Philippines (DBP), stating that “upon the
directive of the President, the Treasurer of the Philippines, in coordination
with [Landbank] and DBP, is hereby directed to suspend the
implementation of the IRR” of the MIF law.
Signed on July 18, Republic Act No. 11954 mandated the national treasurer
to craft the IRR within 90 days. The IRR was finally issued on Aug. 28, or 41
days later.
Under the IRR, the sovereign fund will be managed by the Maharlika
Investment
website. Corp. you
By continuing, (MIC), whichtowill
are agreeing be of
our use governed
cookies. Toby
a nine-member board
consisting of the finance secretary as chair in an ex officio capacity, the
president of the MIC as vice chair, the chief executive officers of Landbank
and DBP, two regular directors, and three independent directors from the
private sector.
Pending further study

The regular directors will be appointed by the President upon the
recommendation of the MIF advisory body, which consists of the budget
secretary, the head of the National Economic and Development Authority
and the national treasurer.
According to the memorandum issued by Bersamin, the suspension stands

“pending the further study” of the IRR.
Line-by-line review
Budget Secretary Amenah Pangandaman said on Thursday that the
Oct 20, 2023
economic team would “prudently review” the provisions of the IRR ahead
of the MIF’s launch
NEWS GLOBAL before
NATIONthe end ofBUSINESS
the year. LIFESTYLE ENTERTAINMENT TECHNOLOGY SPO
“The economic team will work closely with the President to prudently
review all provisions line by line and make sure that all things are in order,”
Pangandaman noted.
“We will also take this opportunity to engage in more multistakeholder

groundwork in preparation for the launch of the MIF,” she added.
Pangandaman did not answer when asked for the specific provisions of the
IRR that the economic managers would revisit.
“We subscribe to the wisdom of [the President] in suspending the IRR as this
is not just an economic strategy for us but a historic first sovereign
investment fund,” the budget chief said.
At the same time, the members of the MIF advisory body have yet to
respond to questions on whether Landbank and DBP would get back their
contributions to the MIF while the IRR is being studied.
In his speech after signing RA 11954, the President said the MIF was
“designed to drive economic development,” while the Department of
Finance said the fund was designed “to accelerate the country’s growth by
optimizing the use of government financial assets.”
Possible misuse
Critics, however, warned about possible misuse of the money.
A group led by Senate Minority Leader Aquilino Pimentel III also filed last
month a petition at the Supreme Court questioning the legality of the MIF
law.
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In the petition, the group claimed that it was a “dangerous” law as it

“entrusts hundreds of billions in public funds to unknown fund managers
and an amorphous nine-member Board of Directors.”
—WITH A REPORT FROM IAN NICOLAS P. CIGARAL
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10/20/23, 11:00 PM Bongbong Marcos: Maharlika Fund operational by year-end

Oct 20, 2023

NEWS GLOBAL NATION BUSINESS LIFESTYLE ENTERTAINMENT TECHNOLOGY SPO