President Ferdinand R. Marcos Jr. declared the completion of the Implementing Rules and Regulations (IRR) for the Maharlika Investment Fund (MIF) on Monday, signaling a move toward operationalizing the fund soon.
According to Philippines News Agency, the IRR of the Maharlika Investment Fund has been completed and is awaiting approval. Once approved, the President indicated that the MIF's corporate structure would be swiftly established, enabling the fund to become operational.
The finalization of the IRR was attended by senior government officials including Senior Undersecretary Elaine Masukat and Undersecretary Rodolfo John Robert Palattao IV of the Presidential Management Staff; Undersecretary Leonardo Roy Cervantes of the Office of the Executive Secretary; Government Service Insurance System General Manager Jose Arnulfo Veloso; and Raphael DC Consing Jr., from the Office of the Presidential Adviser for Investment and Economic Affairs. The Bureau of the Treasury, as well as representatives from the Office of the Deputy Executive Secretary for General Administration and Legal Affairs, were also present during the proceedings.
This announcement follows a directive last month from President Marcos for a further review of the Fund's IRR. Through a memorandum from Executive Secretary Lucas Bersamin, the Bureau of the Treasury was instructed to temporarily suspend the implementation of the IRR for additional scrutiny.
The MIF, established by law on July 18, is intended to maximize national resources by generating revenues that will bolster government economic initiatives as outlined in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028.
The fund is set to diversify investments across various asset classes, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, and ventures that promote mergers and acquisitions, real estate, and high-impact infrastructure projects aligned with sustainable development objectives.
Before his departure for the ASEAN-Gulf Cooperation Council Summit in Riyadh, President Marcos reaffirmed the commitment to activate the MIF by the end of the current year, cementing the government's dedication to advancing the country's economic plans.