Courtesy: hrep
HOUSE Majority Leader Manuel Jose Dalipe today welcomed the decision of President Ferdinand Marcos Jr., to revise the Implementing Rules and Regulations (IRR) of Republic Act 11953 or the Maharlika Investment Fund Law as this would make it more compliant with the substance and the intent of the law.
According to Dalipe, the president clearly showed that he is giving his personal guarantee not only on the economic viability of RA 11953 but also on the integrity and competence of the people who will be managing the MIF.
Dalipe also observed that there were old provisions in the IRR that were not clearly expressed in the law and could make it more vulnerable to a Constitutional challenge by those who are opposed to the MIF.
“ The old IRR has so many provisions that were not contemplated as part of the IRR when we crafted and approved RA 19953. Some details were added in the IRR that are not supposed to be there,” Dalipe said.
The qualifications for education, professional experience, and track record that were provided in the old IRR were revised because this was not part of their deliberation when Congress passed this into law.
“ In the old IRR, the selection process of the MIF Board could take months which could potentially delay the implementation of this very crucial economic law. So many delays could be a source of disappointment for potential investors,” Dalipe said.
Dalipe also agrees that the president should possess the power to accept or reject the nominees for directors and the President and Chief Executive Officer (PCEO)shortlisted by the Advisory Body and require them to submit an additional list of nominees.
“ The old IRR was vague in as far as the power of the president in the appointment of the Maharlika Investment Corporation officers so the new IRR made it very clear that the president may also reject those recommended by the Advisory Board,” Dalipe said.
