Marcos: Maharlika Fund IRR ‘finalized’

MANILA. In this file photo, President Ferdinand Marcos Jr. signs the Republic Act 11954, or the Maharlika Investment Fund Act in a ceremony at the Kalayaan Hall of Malacañan Palace in Manila on July 18, 2023.
MANILA. In this file photo, President Ferdinand Marcos Jr. signs the Republic Act 11954, or the Maharlika Investment Fund Act in a ceremony at the Kalayaan Hall of Malacañan Palace in Manila on July 18, 2023.NIB-PNA

THE Implementing Rules and Regulations (IRR) of the controversial Maharlika Investment Fund (MIF) Act have already been finalized, said President Ferdinand Marcos Jr. on Monday, November 6, 2023.

“The Implementing Rules and Regulations of Maharlika Investment Fund have been finalized,” he said in a social media post.

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

Marcos earlier suspended the implementation of the IRR, which was initially released in August, to give way to the conduct of review of its provisions and to make sure that all things are in order.

Despite criticisms, Marcos signed into law the MIF Act, which is aimed at driving economic development, widen the government’s fiscal space and ease pressure in financing public infrastructure projects, in July.

The seed capital of the MIF will be sourced from the Landbank of the Philippines (P50 billion), Development Bank of the Philippines (25 billion) and the National Government (P50 billion).

The funds will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects to optimize the country’s national funds by generating returns to support the Administration’s economic goals.

A petition seeking to declare the MIF unconstitutional was filed before the Supreme Court in September. (TPM/SunStar Philippines)

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