May 22, 2024

The Insider News

Direct from the source

Finance Secretary Benjamin Diokno supports revised IRR of the Maharlika Investment Fund

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 Raphael 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.