Malacañang has recalled the implementing rules and regulations (IRR) for the Maharlika Investment Fund (MIF) in order to make adjustments, specifically regarding the appointment of key managers.

Sources told Manila Bulletin that the IRR of the law creating the MIF is temporarily halted in order to revise the application and nomination process for key positions within the Maharlika Investment Corp. (MIC).

Under the current IRR, the Advisory Body, consisting of the Secretaries of the Department of Budget and Management, the National Economic and Development Authority, and the Bureau of the Treasury, is responsible for recommending appointments to the Board of Directors of the MIC to the President.

However, sources have indicated that the current rules do not include any provisions for a scenario in which the president is not satisfied with the candidates on the list submitted by the Advisory Body.

Last Oct. 3, the Advisory Body formally submitted to Malacañang 13 candidates for President and CEO (PCEO), regular directors, and independent directors.

“One potential modification to the IRR is to grant the President the authority to appoint individuals who have not submitted applications for the positions,” a source said.

The MIC's application and nomination period closed last Sept. 27. The president must now appoint the PCEO, two regular directors, and three independent directors for MIC.

These MIC positions are of important as they involve the oversight and management of the multibillion-pesos MIF.

The MIC, responsible for overseeing the country’s first wealth fund, will have a nine-member board of directors.

In addition to the six appointed positions, the Finance Secretary will serve as the ex-officio board chairperson.

Furthermore, the board will include the Presidents and Chief Executive Officers of both the Landbank of the Philippines and the Development Bank of the Philippines.

The MIC is expected to be fully operational by the end of the year.