President Marcos now has the power to reject nominees to the Board of Directors of the Maharlika Investment Corporation (MIC) based on the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) Act.

Malacañang, via the Official Gazette, released a copy of the law's revised IRR on Saturday, Nov. 11.

Based on the revised IRR, the President "may either accept or reject" the recommendation of the Advisory Body regarding the nominees for the Maharlika Corporations' President and chief executive officer (PCEO) and independent directors.

Marcos may also require the Advisory Body to submit additional names of nominees to the said vacant posts.

The previous version of the IRR, released in August this year, limited the choices of the President on who he can appoint to the MIC's Board to those shortlisted by the Advisory Body.

The qualifications for the PCEO were also changed in the revised IRR. Candidates no longer have to have an advanced degree in finance, economics, business administration, or a related field from a reputable university and additional professional certifications.

The revised IRR also removed the requirement of having at least 10 years of a senior leadership role in a reputable financial institution or a public or private sector organization.

The revised IRR states that the PCEO, who shall work closely with the executive management and the Board, must have "exceptional experience and expertise in corporate management, financial planning strategy, strategic planning and vision, market and business development, and budget development."

The PCEO must also have at least 10 years of management experience, including extensive commercial lending/credit administration experience.

In addition, they must possess an "in-depth understanding of the industry," including risk management, compliance, and regulatory requirements, and strategic knowledge of cash flow and capital management.

The PCEO shall be appointed by the President, as recommended by the Advisory Body, for a term of three years.

The PCEO shall direct and supervise the operations and internal administration of the MIC and shall be charged with its risk management, financial performance, human resources, accounting, and legal affairs.

Meanwhile, the Chief Investment and Operating Officer (CIOO) shall be appointed by the Board of Directors, and shall be coterminous with the PCEO.

As the one responsible for regular administration of duties of all investment files, communicating investment strategy and policies, and managing and developing a team of financial analysts and investment professionals, the CIOO must have a degree in Finance or a related field and has "proven expertise" in managing a team of financial analysts and investment professionals.

Under the previous IRR, the CIOO was required to have a master's or advanced degree in Finance, Economics, Business Administration, or a related field. He or she must also have a proven track record of at least 10 years in senior investment management roles, preferably with sovereign wealth funds, asset management firms, or large institutional investors.

The MIC shall mobilize and utilize the MIF for investments in transactions to generate optimal returns on investments (ROIs) while contributing to reinvigorating job creation and accelerating poverty reduction by sustaining the economy's high growth trajectory while ensuring sustainable development.

The President earlier ordered the review of the MIF Act's IRR to ensure safeguards are in place to guarantee transparency and accountability in carrying out its provisions.

The group met on Monday, Nov. 6, to finalize the IRR. Once approved, the President said the corporate structure would be immediately established to get the Fund "up and running."