President Ferdinand 'Bongbong' Marcos Jr. (Noel Pabalate/ MANILA BULLETIN)

House Speaker Martin Romualdez has hailed President Marcos' decision to maintain the independence of the Board of Directors of the Maharlika Investment Corporation (MIC).

"This move is a significant step towards enhancing corporate governance and ensuring that the Maharlika Investment Fund (MIF) is managed with the utmost transparency and accountability," Romualdez said in a statement Sunday, Nov. 12.

The MIC will essentially run the MIF, which is the country’s first ever sovereign wealth fund. The House of Representatives, headed by Romualdez, aggressively pushed for the enactment of the MIF late last year.

"The autonomy of the MIC Board allows for more objective and effective decision-making, free from undue political influence. This is crucial in overseeing a fund of this magnitude, which is pivotal to our nation's economic growth," the House chief said.

"By ensuring the Board's independence," Romualdez continued, "The President demonstrates a strong commitment to good governance practices, which will foster investor confidence and attract more investment to our country."

"For ordinary Filipinos, this development means a more robust and stable economy, potentially leading to more job opportunities, improved public services, and a higher standard of living," the Leyte 1st district congressman further explained.

He said that the MIF, if managed independently and efficiently, can significantly contribute to the nation's socioeconomic development.

The revised implementing rules and regulations (IRR) of the MIF had just been released. The decision to ditch the original IRR initially caused worry and even gave ammunition to those who have been opposing the sovereign wealth fund.

"President Marcos' directive to review and strengthen the [IRR] of the MIF underscores the importance of safeguarding this national asset," Romualdez said.

"The final IRR, as introduced by the President, clarifies the Board's discretionary powers while ensuring adherence to the law and alignment with the nation's socioeconomic development program," he said.

The Speaker further said that the composition of the MIC Board, including experienced leaders from both the public and private sectors, "further guarantees a well-rounded perspective in managing the fund".

He also said that the operationalization of the MIF by year's end bodes well for the country's future.

"This strategic move by the President is a testament to his vision of a more prosperous and self-reliant Philippines, one where every Filipino stands to benefit from the nation's economic successes," he said.