Metro Manila (CNN Philippines, July 18) — Finance Secretary Benjamin Diokno said Tuesday he would still keep an eye on the Maharlika fund, contrary to the statement of the president that they were removed from the board to not influence the management with political decisions.
“Si presidente ‘yung original version niyan, siya ‘yung chairman ng fund. Pero ngayon, sinabi niya, tingnan nga namin yung best practices in other countries. Talagang secretary of finance ang chairman so ako ‘yun,” he told the media after President Ferdinand Marcos Jr. signed the Maharlika Investment Fund bill into law.
[Translation: In the original version, the president was the chairman of the fund. But now, he said, let’s look at the best practices in other countries. The chairman is actually the secretary of finance, so that’s me.]
READ: Marcos signs Maharlika fund bill into law
Diokno said the Maharlika Investment Corp. board would be composed of the finance secretary as chairman, and the presidents of the Landbank of the Philippines and the Development Bank of the Philippines, two regular directors, and three independent directors, as members.
Marcos, however, said that he decided to remove himself and the finance chief from the board to shield the fund from political decisions.
“Because inevitably if you put me or the secretary of finance in a decision-making loop, those decisions will be colored by political considerations and that must not be the case,” Marcos said in his speech.
Diokno later added that, “(n)evertheless, the secretary of finance will only serve in an ex officio capacity and will not run the Fund. The independent chairperson of the nine-member Maharlika Investment Corporation, a non-politician, will manage the Fund.”
Meanwhile, the president also said that the Fund’s board would be led by “highly competent personnel with a good track record and outstanding integrity.”
