Advisory Body member backs revised IRR for MIC

One member of the Advisory Body tasked with finding qualified candidates to lead the Maharlika Investment Corp. (MIC) has supported the new rules that give the President more power in selecting board members.

Budget Secretary Amenah F. Pangandaman said the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) law will eliminate any unnecessary political interference that may obstruct the fulfillment of MIC's functions.

Despite the potential weakening of the Advisory Body's power in selecting qualified nominees, Pangandaman said “I commend President Ferdinand R. Marcos Jr. on his earnest support to fully operationalize the MIF, through the release of its revised IRR.”   

The MIC's Advisory Body consisted of the budget chief, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan, and Bureau of the Treasury Officer-in-Charge Sharon P. Almanza.

Under the previous IRR, the three officials were responsible for creating a shortlist of candidates for regular and independent directors, as well as for the position of president and chief executive officer of the MIC. 

However, the new IRR includes an additional provision that grants the President the authority to reject candidates proposed by the Advisory Body. Moreover, the chief executive is also permitted to request additional names of nominees.

The revised IRR have also brought other changes. Specifically, the responsibilities of the audit and risk management committees have been streamlined.

In addition, the educational and professional experience requirements for top positions in the MIC have been considerably relaxed.

“I am glad of this development, as this shall allow the MIC Board to have the liberty and flexibility to fulfill its mandate, and explore beneficial investment opportunities,” Pangandaman said in a statement on Sunday, Nov. 12.

However, she assured that the new IRR remains “faithful” to the MIF law and will ensure high-impact investments in line with the country's socioeconomic development policies and programs.

“This will also improve accountability, openness, and efficacy in carrying out the law's provisions,” she added.

Pangandaman added that the President had assured them that the members of the MIC Board would have the freedom to carry out their responsibilities without unnecessary political interventions that could hinder their effectiveness.

“With the issuance of the IRR, we remain positive that the MIF will be functional by the end of this year, on track and consistent with the timeline given earlier,” Pangandaman said.

Established under Republic Act (RA) 11954, the MIC serves as the sole entity for mobilizing and utilizing the MIF. 

Its primary objective is to make strategic investments that yield optimal returns while stimulating job creation, fostering economic growth, and accelerating poverty reduction.

“As a member of the Philippine economic team, I commit my full and unequivocal support for the smooth implementation of the MIF’s IRR, with trust and confidence that MIF’s managers will perform their duties and responsibilities to the best of their abilities for the good of the nation,” she concluded.