Maharlika’s IRR have been finalized — Marcos

MANILA, Philippines — The implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) have been finalized, President Ferdinand Marcos Jr. said.

On Monday, Marcos stated in a social media post that the law would become effective upon their approval.

“Upon our approval, we'll swiftly establish the corporate structure, getting the MIF up and running,” he said. 

The finalization of the IRR was witnessed by Senior Undersecretary Elaine Masukat and Undersecretary Rodolfo John Robert Palattao IV, both from the Presidential Management Staff, along with Undersecretary Leonardo Roy Cervantes of the Office of the Executive Secretary (OES).

Government Service Insurance System General Manager Jose Arnulfo Veloso and Office of the Presidential Adviser for Investment and Economic Affairs Raphael DC Consing Jr. were also present during the meeting along.

Aside from these officials, the finalization of the IRR was witnessed by representatives from the Bureau of Treasury, Office of the Deputy Executive Secretary for General Administration and the Office of the Deputy Executive Secretary for Legal Affairs.

The implementation of the MIF was halted on October 12 pending the study of its IRR.

It was halted weeks after the Landbank of the Philippines and the Development Bank of the Philippines contributed a sum of P75 billion pesos to bolster the fund’s capital. 

Last month, Marcos that the fund will be operational by the end of the year while the government explores methods to enhance and improve the sovereign wealth fund. 

“We are still committed to having it operational before the end of the year,” Marcos said in his departure speech before leaving Manila for Riyadh, Saudi Arabia last month.