Maharlika IRR lets Marcos Jr. accept, reject board nominees

MANILA, Philippines — The government yesterday released the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) law, which include a provision allowing President Marcos to reject the recommendation of the Maharlika Investment Corp. (MIC) advisory board on vacant posts and require the body to submit additional nominees.

A document containing the IRR has been posted on the Official Gazette, the website of the Philippine government.

Section 30 of the IRR states that the advisory board of the MIC, the vehicle for mobilizing and using the investment fund, shall submit to the Office of the President the list of nominees to vacant regular and independent director and president and chief executive officer (CEO) posts not later than 30 days from the vacancy.

The provision also states that the President “may either accept or reject the recommendation of the advisory body” and “may require the advisory body to submit additional names of nominees.”

The previous IRR of the Maharlika law merely stated that in the interest and exigency of service, vacancies in the regular and independent director seats shall be filled within 90 days from the vacancy.

The advisory body of the MIC is composed of the Department of Budget and Management and National Economic and Development Authority secretaries and the national treasurer, and is expected to provide guidance, counsel and advice to the firm’s board of directors.

In a previous speech, Marcos said he had rejected a suggestion to make him the MIC chairman to ensure that investment decisions would not be influenced by politics.

Monetary Board member and former national treasurer Rosalia de Leon said Marcos wants the board to be insulated from political influence and considerations in setting the qualifications of the MIC officers.

“The reason for removing the qualifications in the IRR is to give more independence to the board in determining the specific qualifications of the other officers of the MIC to carry out its mandate to efficiently manage the MIF,” De Leon, a member of the IRR review group, said in a statement released by the Presidential Communications Office (PCO).

“The President wants the board to