PRESIDENT Ferdinand “Bongbong” Marcos Jr. has directed the suspension of the enforcement of the implementing rules and regulations of the Maharlika Investment Fund (MIF) pending further study.
The Palace issued a memorandum dated October 12, 2023 GMA News Online obtained a copy of the memorandum, dated October 12, 2023 signed by Executive Secretary Lucas Bersamin by authority of Marcos.
The memorandum was addressed to Bureau of Treasury officer-in-charge Sharon Almanza, Land Bank of the Philippines president and CEO Lynette Ortiz, and Development Bank of the Philippines president and CEO Michael de Jesus.
“With reference to the IRR of RA No. 11394, and upon the directive of the President, the Treasurer of the Philippines, in coordination with the LBP and DBP, is hereby DIRECTED to suspend the implementation of the IRR of RA No. 11954 pending further study thereof, and to notify all concerned heads of departments, bureaus, offices and other agencies of the executive department, including GOCCs, of such action,” the memorandum read.
“Memo directed the Treasurer to suspend implementation of the IRR pending further study,” De Jesus said in a message.
The Office of the Executive Secretary said that Marcos wants to study the IRR to guarantee that the fund will have safeguards for transparency and accountability.
“President Ferdinand R. Marcos Jr. issued a suspension because he wanted to study carefully the IRR to ensure that the purpose of the fund will be realized for the country’s development with safeguards in place for transparency and accountability,” the OES said in a brief statement.
The contribution from the national government will come from the following sources:
Bangko Sentral ng Pilipinas’ total declared dividends
National government’s share from the income of PAGCOR
Properties, real and personal identified by the DOF-Privatization and Management Office
Other sources such as royalties and/or special assessments
Under the law, the MIF has an authorized capital stock of P500 billion.
