Revised Maharlika IRR ensures accountability, openness
The recently released implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) will make sure that there will be accountability, openness, and efficacy in carrying out the law, according to Department of Budget and Management Secretary Amenah Pangandaman on Sunday.
Pangandaman said President Ferdinand R. Marcos Jr. had assured that the members of the Maharlika Investment Corporation (MIC) Board, whose primary job is to rule and administer the MIC, its assets, and investments by law, “will have the necessary freedom to oversee the fund without undue political interventions that will impede its fulfillment of functions.”
"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.
Pangandaman is optimistic that the MIF will be functional by the end of the year.
The MIC, created under Republic Act (RA) 11954 or the Maharlika Investment Fund Act of 2023, shall act as the sole vehicle for mobilizing and utilizing the MIF for investments in transactions to generate optimal returns on investments while reinvigorating job creation and accelerating poverty reduction by sustaining the economy’s high growth trajectory, Pangandaman said.
The MIC will identify financially and commercially viable infrastructure projects to invest in and will formulate investment strategies covering emerging megatrends, such as environment, social and governance, digitalization, and health care.
"As a member of the Philippine economic team, I commit my full and unequivocal support for the smooth implementation of the MIF’s IRR, with 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," Pangandaman said.
President Marcos signed RA 11954 into law in July, establishing the country's first ever sovereign investment fund.
Members of the economic team earlier said the MIF is expected to widen fiscal space, ease the burden on local funds, and reduce reliance on official development assistance in funding big-ticket projects, such as those specified in the recently approved Infrastructure Flagship Project list.
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