DBM Confirms Enhanced Accountability in Maharlika IRR Implementation

Manila – Manila witnessed a significant announcement from the Department of Budget and Management (DBM) regarding the Maharlika Investment Fund (MIF).

According to Philippines News Agency, the newly released implementing rules and regulations (IRR) of the MIF are set to ensure accountability, openness, and efficacy in executing the law. This development was highlighted in a statement by Pangandaman on Sunday. She emphasized that President Ferdinand R. Marcos Jr. has assured the independence of the Maharlika Investment Corporation (MIC) Board in overseeing the fund, free from undue political interventions. The MIC, established under Republic Act 11954, is tasked with mobilizing the MIF for high-return investments while fostering job creation and reducing poverty. The Act was signed into law by President Marcos in July 2023, marking the establishment of the country’s first-ever sovereign investment fund. Pangandaman expressed her commitment to supporting the smooth implementation of the MIF’s IRR, confident in the abilities of the fund’s managers for the nation’s benefit.