Articles worth reading

TESDA, UPM to develop training court on biomedical equipment servicing 

account_balanceMetro Manila access_time4 days ago

The Technical Education and Skills Development Authority (TESDA) and the University of the Philippines - Manila (UPM) will work together in developing a training course on biomedical equipment servicing, specifically targeting new and state-of-the ar...

DA seeks US biotech firm’s help against Cecid flies in mangoes 

account_balanceMetro Manila access_time4 days ago

The Department of Agriculture will invite experts from Sun & Earth Microbiology LLC, a Florida-headquartered biotechnology company, to help eliminate Cecid fly infestation that undermines Philippine mango production and export. Agriculture Secre...

Economists support foreign investments in rice, corn production

account_balanceMetro Manila access_time4 days ago

Officials of the Department of Agriculture (DA) and Board of Investments (BOI) and economists on Wednesday expressed support for the liberalization of foreign investments in the rice and corn industry to boost food production, increase farmers' i...

Metro News

DOF Secretary Benjamin Diokno

DOF supports revised IRR of the Maharlika Investment Fund 

account_balanceMetro News account_circleSinagtala chat_bubble_outline0 Comments

Department of Finance (DOF) Secretary Benjamin Diokno on Monday expressed his support for the revised Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) Act.

In a statement, Diokno welcomed the enhancements introduced by the IRR are all within the bounds of the law, which he said “are 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.


“Its finalization 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,” he said. It

The Finance chief came out with the statement following the numerous support from various sectors pouring in since Sunday, a day after the revised IRR of the MIF was released and published on various official platforms by the Office of the President last Saturday.

Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman and Speaker Martin Romualdez earlier gave their support and commended President Marcos to fully operationalize the MIF through the revised IRR.

Office of the Presidential Adviser for Investment and Economic Affairs Rafael DC Consing Jr. also expressed his support for the revised IRR of the MIF as it “grants the board the flexibility to determine the optimal composition, qualifications and reporting requirements of the MIC’s Audit Committee and Risk Management Committee.”


The OP released on Saturday the revised IRR of the MIF with assurance from President Marcos that the members of the MIC will exercise independence to give the body more latitude in managing the fund, resulting in the promotion of good corporate governance.

The President earlier on ordered the review of the IRR of Republic Act (RA) No. 11954, or the law establishing the MIF, to make sure safeguards are in place to guarantee transparency and accountability in carrying out the provisions of the law.

The President has instructed and given assurance that the operationalization of the MIF will push through before the year ends.

“Most importantly, this affirms the Marcos 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,” Diokno said.

date_rangeDate Published
3 months ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Canada donates P145.5 million for immunization 

account_balanceMetro Manila chrome_reader_mode15 hours ago

The Department of Health (DOH) on Tuesday received P145.5 million from the Canadian government for the integration of Covid-19 vaccination, routine immunization and proven approaches that make quality primary health care accessible for Filipinos,&nbs...

Marikina solon launches SMART program for student recovery

account_balanceMarikina chrome_reader_mode5 days ago

A significant milestone unfolded today as Congresswoman Maan Teodoro distributed educational assistance to the first batch of students from various universities and colleges. The initiative is part of the Student Assistance For Recovery and Transitio...

Bagong Pilipinas Serbisyo Fair held in Sultan Kudarat

account_balanceMetro Manila chrome_reader_mode14 hours ago

The success of the Bagong Pilipinas Serbisyo Fair (BPSF) in Sultan Kudarat was a result of the collaboration between the executive and legislative branches in bringing government service closer to the Filipino people. Nearly 150,000 residents receiv...

Hackers hit PCG Facebook page 

account_balanceMetro Manila chrome_reader_mode14 hours ago

The Facebook page of the Philippine Coast Guard (PCG) has been hacked Monday, with the PCG working with Meta, the company behind Facebook, to regain page access, according to a report by Philippine News Agency. In a statement Tuesday, PCG spoke...

Click on the article to continue reading
Quezon City adopts no contact apprehension system Red Cross pushes saliva test Vaccines from COVAX to arrive in Q1 Makati Shangri-La to close doors on Feb. 1 Cities in NCR to start vaccination simultaneously Mother, girlfriend of Filipino infected with UK variant also test positive Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature