Metro Manila (CNN Philippines, November 13) — Finance Secretary Benjamin Diokno, the chief economic manager of the Marcos administration, said Monday the revised implementing rules and regulations (IRR) of the controversial Maharlika fund are “all within the bounds of the law,” as a lawmaker pointed out its “dangerous” provisions.
In a statement, the official said the “enhancements,” particularly the independence of the board of directors, would pave the way for the creation of the Maharlika Investment Fund’s (MIF) “strong” government structure.
“[It] allows it more headroom to form credible oversight and risk management bodies while upholding the highest standards of effective fund management,” he said.Department of Budget and Management Secretary Amenah Pangandaman also expressed her support on Sunday, saying the new IRR assures the MIF would be free from political interventions.
“I am glad of this development, as this shall allow the MIC (Maharlika Investment Corporation) Board to have the liberty and flexibility to fulfill its mandate, and explore beneficial investment opportunities while adhering faithfully to the letter of the law and ensuring high-impact investments that are in line with the country’s socioeconomic development policies and programs. This will also improve accountability, openness, and efficacy in carrying out the law’s provisions,” Pangandaman said.
According to Diokno, the finalization of the IRR would further pump up the interest of local and foreign investors.This would also allow the MIF to be operational “by the end of the year,” Diokno said.
On Sunday, ACT Teachers Party-list Rep. France Castro said the new IRR has “dangerous provisions” and lacks “thorough scrutiny,” as she criticized President Ferdinand Marcos Jr.’s increased power to select the board of directors.
READ: Revised Maharlika IRR ‘dangerous,’ lacks scrutiny — lawmaker
