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Manila Bulletin devider Business devider Gov't to review Maharlika's IRR 'line by line'—DBM chief

Gov't to review Maharlika's IRR 'line by line'—DBM chief

Published Oct 19, 2023 09:01 am

At A Glance

  • Budget Secretary Amenah F. Pangandaman announces the intention to review <br>"all provisions line by line" in the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) law.<br>Eaerlier, Executive Secretary Lucas Bersamin issued a memorandum suspending the IRR of the MIF law, following the directive of the President and in coordination with the Treasurer of the Philippines, Land Bank of the Philippines (LBP), and Development Bank of the Philippines (DBP).<br>Before departing for Saudi Arabia, President Marcos clarifies that the implementation of the MIF will proceed as planned this year.<br>Marcos said the suspension of the IRR is aimed at making improvements, particularly in the organizational structure of the Fund.<br>Pangandaman assures that the economic team will work closely with Malacañang to thoroughly review all provisions of the IRR line by line.<br>Pangandaman also mentions that this presents an opportunity to engage in more multi-stakeholder groundwork in preparation for the launch of the MIF.

One of President's economic managers said the Marcos administration will carefully review every provision in the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) Act.

Budget Secretary Amenah F. Pangandaman said on Thursday, Oct. 19, that the economic managers align with President Marcos' wisdom in temporarily halting the implementation of the MIF’s rules.

“We subscribe to the wisdom of PBBM [President Marcos] in suspending the IRR as this is not just an economic strategy for us but a historic first sovereign investment fund,” Pangandaman told reporters.

Executive Secretary Lucas Bersamin, in a memorandum dated Oct. 12, addressed to the heads of the Bureau of the Treasury, Land Bank of the Philippines (LBP), and Development Bank of the Philippines (DBP), announced the suspension of the IRR for the law establishing the MIF. 

Bersamin said his memorandum was “upon the directive of the president, the Treasurer of the Philippines, in coordination with LBP and DBP.”

However, before departing for Saudi Arabia on Thursday morning, President Marcos clarified that the implementation of the MIF would continue as planned this year. 

The suspension of the IRR was only intended to explore ways to improve its organizational structure and make it as close to perfection as possible, Marcos assured.

He added “I was a bit alarmed by the news reports early this morning that I read in the newspapers that we have put the Maharlika Fund on hold. Quite the contrary.” 

The suspension was issued, Marcos said, in consultation with the country's economic managers and the people who will actually be involved in the Fund.

In response to President Marcos' statement, Pangandaman affirmed that the economic team would collaborate closely with Malacañang to conduct a thorough review of each provision, ensuring everything is in order. 

"The economic team will work closely with the President to prudently review all provisions line by line and make sure that all things are in order," Pangandaman said.

"We will also take this opportunity to engage in more multi-stakeholder groundwork in preparation for the launch of the MIF," she added.

Related Tags

Maharlika Investment Corp. (MIC) Budget Secretary Amenah F. Pangandaman
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