President Ferdinand “Bongbong” Marcos Jr himself stopped the launch of the Maharlika Investment Fund (MIF) while continuing to study its rules and regulations.
The prevention of the implementation of the MIF was contained in a memorandum dated October 12, 2023, signed by Executive Secretary Lucas Bersamin as Marcos’ representative.
The memorandum is for Bureau of Treasury officer-in-charge Sharon Almanza, Land Bank of the Philippines president and CEO Lynette Ortiz, and Development Bank of the Philippines president and CEO Michael de Jesus.
“With reference to the IRR of RA No. 11394, and upon the directive of the President, the Treasurer of the Philippines, in coordination with the LBP and DBP, is hereby DIRECTED to suspend the implementation of the IRR of RA No. 11954 pending further study thereof, and to notify all concerned heads of departments, bureaus, offices and other agencies of the executive department, including GOCCs, of such action,” the memorandum stated.
“Memo directed the Treasurer to suspend implementation of the IRR pending further study,” said De Jesus in his message.
According to the Office of the Executive Secretary, Marcos wants to study the IRR to ensure transparency and accountability in using funds.
“President Ferdinand R. Marcos Jr. issued a suspension because he wanted to study carefully the IRR to ensure that the purpose of the fund will be realized for the country’s development with safeguards in place for transparency and accountability,” OES explained in the statement they released.
Pres. Marcos halts Maharlika Investment Fund implementation
The IRR indicating the start of MIF operations was issued in August.
Marcos signed Republic Act No. 11954 or Maharlika Investment Fund (MIF) Act of 2023 in July. Its purpose is to use the funds of some financial institutions and invest them in business to raise additional funds for government projects.
Last month, De Jesus said the DBP submitted P25 billion to the Bureau of Treasury (BTr) for its mandatory contribution that will be part of the initial capital of the MIF, which will be the country’s first sovereign wealth fund.
Under the law, the initial capitalization of the MIF will be taken from the Landbank amounting to P50 billion, DBP of P25 billion, and the national government of P50 billion.
Senate Minority Leader Aquilino “Koko” Pimentel III welcomed Marcos’ decision to suspend the implementation of the MIF.
Pimentel filed a petition in the Supreme Court to question the legality of the MIF.
Visit our Facebook page for more news updates.