Bongbong Marcos: Maharlika Fund operational by year-end
President Ferdinand Marcos Jr. on Thursday said the suspension of the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) was meant to make the country’s first sovereign wealth fund “as close to perfect and ideal as possible.” In his speech at Villamor Air Base before leaving for Saudi Arabia to attend the Association of Southeast Asian Nations-Gulf Cooperation Council Summit (Asean-GCC) in Riyadh, the President said the MIF would be up and running by year-end. He said the concept of the MIF as a sovereign wealth fund “remains a good one,” and “we are still committed to having it operational before the end of the year.” “So we should not misinterpret what we have done as somehow a judgment on the rightness or wrongness of the Maharlika Fund,” he said. “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. 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. “Quite the contrary. The organization of the Maharlika Fund proceeds apace. And what I have done though is that we have found more improvements that we can make specifically to the organizational structure 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. 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 Corp. (MIC), which will
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