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Statement of Support for the Revised Implementing Rules and Regulations of the Maharlika Investment Fund ActNovember 13, 2023

The Department of Finance (DOF) welcomes and fully supports the revised Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) Act. The enhancements introduced by the IRR are all within the bounds of the law, meant to give full meaning to the establishment of a strong corporate governance structure.

In particular, the IRR’s emphasis on ensuring the independence of the Board of Directors of the Maharlika Investment Corporation (MIC) allows it more headroom to form credible oversight and risk management bodies while upholding the highest standards of effective fund management.

Its finalization comes at an opportune time as investors, both local and international, have signified in several investor promotion engagements their robust interest in the country’s first-ever sovereign wealth fund.

Most importantly, this affirms the Marcos Jr. administration’s commitment to see the Fund off and running by the end of the year and effectively paves the way for the full operationalization of a well-structured, robust, and effective sovereign wealth fund that will advance the Philippines’ long-term growth.