SAN FRANCISCO, CALIFORNIA - President Ferdinand R. Marcos Jr. addressed concerns regarding the Maharlika Investment Fund (MIF) during his attendance at the Asia-Pacific Economic Cooperation Summit. On Saturday, he firmly dismissed the notion that rules were relaxed for the newly appointed Maharlika Investment Corp. (MIC) President and CEO Rafael Consing.
According to Philippines News Agency, there has been no relaxation of rules for the MIF. Instead, he emphasized that regulations have been tightened. The President explained that adjustments were made in the powers of the Advisory Board to prevent political interference in the financial decisions of the investment fund. These amendments stem from the government's controlling interest in the fund.
The President further elaborated that the government's significant stake in the fund justifies its authority and influence. He likened the government's role to that of a major shareholder in a corporation, where the largest capital interest yields the most votes.
The revised implementing rules and regulations (IRR) of Republic Act (RA) 11954, or the MIF Act of 2023, introduced changes regarding the appointment of the MIC's Board of Directors. The new IRR now requires the Advisory Board to submit a list of nominees for vacant director and PCEO (president and chief executive officer) positions to the Office of the President within 30 days of the vacancy. Under these revisions, the President has the power to accept or reject the Advisory Body's recommendations and can request additional nominee names.
Consing has previously countered claims that the IRR revisions were made to benefit him, stating that the changes align the rules with the provisions of the MIF law.