Manila 5th District Rep. Irwin Tieng (left), Zamboanga City 2nd district Rep. Mannix Dalipe (Facebook

More high-ranking congressmen have welcomed the finalized implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF).

House Committee on Banks and Financial Intermediaries Chairman Manila 5th district Rep. Irwin Tieng and Majority Leader Zamboanga City 2nd district Rep. Mannix Dalipe both appreciate the wisdom behind the tweaking of the old IRR, which President Marcos ordered a few weeks ago.

According to Tieng, the new IRR signifies a crucial step in advancing the governance framework of the MIF, and lays the groundwork for enhanced transparency, accountability, and sound decision-making.

“This move aligns with the ongoing commitment to foster a resilient and progressive financial environment, reinforcing trust and confidence among stakeholders and investors,” he said.

The new IRR is seen to fortify the autonomy and governance of the Maharlika Investment Corporation’s (MIC) Board of Directors. The MIC will essentially run the MIF, which is the country’s first ever sovereign wealth fund.

"We are delighted to witness the culmination of efforts to fortify the MIC through enacting comprehensive and empowering rules," Tieng, sponsor of the MIF bill in the House of Representatives, said.

"The strengthened independence of the board of directors is fundamental in ensuring prudent and effective decision-making, safeguarding the corporation's integrity and promoting financial stability," the Manila solon said.

Dalipe, for his part, cited the many problems of the initial IRR.

“The old IRR has so many provisions that were not contemplated as part of the IRR when we crafted and approved RA (Republic Act No.)19953. Some details were added in the IRR that are not supposed to be there,” Dalipe said.

The qualifications for education, professional experience, and track record that were provided in the old IRR were revised because this was not part of the deliberation when Congress passed this into law.

“In the old IRR, the selection process of the MIF Board could take months which could potentially delay the implementation of this very crucial economic law. So many delays could be a source of disappointment for potential investors,” Dalipe explained.

Dalipe also agrees that the President should possess the power to accept or reject the nominees for directors and the president and chief executive officer (PCEO) shortlisted by the advisory body and require them to submit an additional list of nominees.

“The old IRR was vague in as far as the power of the President in the appointment of the [MIC] officers so the new IRR made it very clear that the President may also reject those recommended by the advisory Board,” said the Zamboanga solon.