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Manila Bulletin devider Philippines devider National devider Maharlika fund now has 'ultimate safeguard', says House leader 

Maharlika fund now has 'ultimate safeguard', says House leader 

Published Nov 13, 2023 05:16 am

At A Glance

  • House Senior Deputy Speaker Aurelio "Dong" Gonzales Jr. believes that Malacañang has created the "ultimate safeguard" to the Maharlika Investment Fund (MIF) with the finalization of the implementing rules and regulations (IRRs) for the law.

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House Senior Deputy Speaker Aurelio “Dong” Gonzales Jr. believes that Malacañang has created the "ultimate safeguard" to the Maharlika Investment Fund (MIF) with the finalization of the implementing rules and regulations (IRRs) for the law.

 

Gonzales expressed confidence that the new and improved IRR would bolster the autonomy of the Maharlika Investment Corporation (MIC) Board of Directors, fostering an environment where the MIC could be managed with unimpeded independence and shielded from any unwarranted political influence. 

The MIC will essentially run the MIF, which is the country’s first ever sovereign wealth fund.  

“The IRR, approved by no less than [President Marcos], [is] a testament to the commitment to reinforce the governance structure of the MIC, ensuring that the board of drectors possesses the necessary freedom to administer the fund without external interference, thus bolstering its effectiveness and credibility in the financial landscape,” Gonzales said. 

The senior deputy speaker said the completion of the IRR for the MIC represented a crucial step in preserving its independence. 

“This step ensures that the board of directors can operate in a manner that best serves the interests of the corporation and its stakeholders, free from any undue political pressures,” Gonzales pointed out. 

“This independence will enable the MIC to perform its crucial role in investment activities, contributing significantly to the economic growth and stability of the nation,” he added. 

Gonzales also said that the enhanced independence of the MIC Board of Directors, as outlined in the final IRR, signified a significant step towards ensuring fair and impartial management of the corporation's funds. 

“It solidifies the commitment to transparent, efficient, and impartial financial management, setting a precedent for enhanced governance in financial institutions,” he said.

Related Tags

Safeguard Maharlika Investment fund Maharlika Investment corporation aurelio dong gonzales
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