Metro Manila (CNN Philippines, July 7) — The drafting of the implementing rules and regulations (IRR) of the bill creating the controversial Maharlika Investment Fund (MIF) is now in its final stage, according to Finance Secretary Benjamin Diokno.
The crafting of the IRR started right after the approval of the MIF bill. It’s now in its final phase,” Diokno said Friday.The Congress-approved measure was transmitted earlier this week to Malacañang for President Ferdinand Marcos Jr.’s signature.Citing Section 54 of the bill, Diokno said the implementing framework must be completed within 90 days of its effectivity.The Treasurer of the Philippines, in consultation with the founding GFIs (government financial institutions), shall promulgate the necessary rules and regulations for the implementation of this Act,” he said.We don’t intend to use up the 90 days,” the finance chief added.Late in June, Marcos signified that he would immediately sign into law the Maharlika bill, even saying the success of the planned sovereign wealth fund would depend on its management.
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Earlier last month, professors from the UP School of Economics urged Marcos to “seriously reconsider” approving the bill, stressing it “violates fundamental principles of economics and finance and poses serious risks to the economy and the public sector.”
