Metro Manila (CNN Philippines, November 18) — President Ferdinand Marcos Jr. has defended the controversial changes to the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) Act.
Some critics have sounded the alarm over the revisions, warning that board qualifications may have been lowered for political accommodations while at the same time the powers of the Maharlika Investment Corporation’s (MIC) board of directors were increased.
“I don’t know where we relaxed anything,” Marcos said in a media interview in the United States on Friday when asked to respond to the concerns.
“Quite the contrary, hinigpitan natin [we tightened it],\” he explained. \”What happened between the last – the IRR – the first draft – no, the first and last drafts of the IRR, the differences were only the powers of the board.\”
Earlier this week, Marcos appointed Rafael Consing Jr. as the first president and chief executive officer of the MIC. House Deputy Minority Leader and ACT Teachers party-list Rep. France Castro questioned the timing, noting that it was announced after the requirements for top officials were relaxed.
In the new IRR, there was no more mention of the qualifications needed for regular and independent directors, unlike in the previous version where it stated that among the qualifications would be an \”advanced degree\” in finance, economics, business administration or a related field from a \”reputable university.\”
Malacañang said Consing obtained a Bachelor of Arts in Political Science in De La Salle University in 1989. He completed the Stanford University Graduate School of Business’ Emerging CFO: Strategic Financial Leadership Program in 2016, it also said.
According to Monetary Board Member Rosalia De Leon, the revision was because Marcos wants the board “to be insulated from political influence and considerations and would like to give the leeway to set the qualifications in the best way they know how.”
The revised copy also now allows the president to either reject or accept recommendations made by the advisory body for nominees to fill the positions of president and chief executive officer, regular, and independent directors of the MIC.
Addressing criticisms of these changes, Marcos said the government “holds the controlling interest” and must act accordingly.
