(Eagle News)–The specific qualifications of Maharlika Investment Corp.’s officers were removed from the MIF implementing rules and regulations to give the Board of Directors “more independence.”
This is according to Monetary Board Member and former Treasurer of the Philippines Rosalia De Leon, a member of the review group of the Maharlika Investment Fund Act’s IRR.
President Bongbong Marcos had ordered the review of the Act’s initial IRR to ensure that safeguards are in place in the implementation of the country’s sovereign wealth fund.
The Palace released the revised IRR on Saturday, Nov. 11.
“The President 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 based on their experience and expertise in fund management,” De Leon explained.
According to the Palace, the President has guaranteed the members of the MIC “will exercise independence to give the body more latitude in managing the fund, thus promoting good corporate governance.”
In the revised IRR, the President is also given the authority to accept or reject the nominees submitted by the MIC Advisory Body for the positions of president and chief executive officer (PCEO), regular, and independent directors of the MIC Board.
Republic Act No. 11954, which establishes the MIF, aims to maximize the profitability of government assets available for investment.
The government has said the MIF is expected to generate returns aligned with the Medium-Term Fiscal Framework, the eight-point Socioeconomic Agenda, and the Philippine Development Plan in support of Philippine economic goals.
