Marcos: Maharlika fund IRR finalized

Metro Manila (CNN Philippines, November 6) – President Ferdinand Marcos Jr. on Monday said that the implementing rules and regulations (IRR) of the controversial Maharlika Investment Fund (MIF) have been finalized, after he ordered its suspension last month.

“Upon our approval, we'll swiftly establish the corporate structure, getting the MIF up and running,” Marcos said in a Facebook post on Monday, with attached images of the president meeting with the country’s economic team.

The IRR of the fund was first issued in late August and was set to take effect in September.

A top official of the Development Bank of the Philippines (DBP) told CNN Philippines last month that the Office of the Executive Secretary (OES) had directed the Treasurer to suspend the IRR’s implementation pending further study.

The OES confirmed this and said the suspension was ordered to ensure that the purpose of the fund would be “realized for the country's development with safeguards in place for transparency and accountability.”

READ: Marcos suspends Maharlika fund implementing rules pending further review

Marcos signed the MIF into law in July, only seven months after it was pushed in the lower chamber of Congress. He defended it, saying it would allow the country to pursue infrastructure developments without incurring more debt.

Critics have accused the legislature of railroading the measure, while the fund itself has been described as half-baked by lawmakers, especially as it was revised by the Senate even after it's final approval.

The MIF is projected to become operational by the first quarter of next year.