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Tuesday, July 23, 2024

Marcos gets bigger say on M.I.F. board

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The recently revised Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) would give President Marcos the power to accept or reject recommended appointees to the national wealth fund, or appoint board members outside of the list of recommendees from the advisory body.

In Section 30 of the updated IRR, a copy of which was released Saturday, the President “has the option to either approve or decline” the suggested candidates of the Advisory Body for president and chief executive officer (PCEO) and independent directors of the Maharlika Investment Corp. (MIC).

“The President may require the Advisory Body to submit additional names of nominees” should he fail to find a suitable appointee from the initial shortlist submitted by the Advisory Board.

In addition, Section 21 of the MIF also outlines the powers held by the nine-member MIC Board. Its primary role is to oversee and administer the MIC, its assets, and investments in compliance with the law.

Section 23 of the previous IRR specifies that regular directors of the MIC “shall be appointed by the President upon recommendation of the Advisory Body.” President Marcos previously ordered the revision of Maharlika’s IRR, which he assured would be handled by proper economic managers and insulated from politics.

The MIF would push through and become operational before the year ends, he added.

The Advisory Body for the MIC consists of the secretaries of Budget, the National Economic and Development Authority (NEDA), and the Treasurer of the Philippines.

The group convened on Monday to finalize the IRR and, once approved, the President announced that the corporate structure would be promptly established to get the Fund “up and running”, with a primary focus on ensuring transparency and accountability within the organizational structure itself.

The President has directed the reinforcement and assurance of powers vested in the Board to carry out functions as provided for under the law.

This encompasses the method of government contributions deposit, establishment of corporate officers, imposition of additional qualifications and/or disqualifications of regular and independent directors, and formation of committees and their respective functions.

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