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Manila Bulletin devider Business devider Diokno: IRR for Marhalika Fund's creation released

Diokno: IRR for Marhalika Fund's creation released

Published Aug 29, 2023 05:45 am

At A Glance

  • The Bureau of the Treasury has released the implementing rules and regulations (IRR) for the Maharlika Investment Fund (MIF).<br>The IRR details the rules outlined in the MIF Act, paving the way for the official establishment of the country's first sovereign wealth fund.<br>The Maharlika Investment Corp. (MIC) will start with an initial capital of P125 billion, with contributions from the national government, the Land Bank of the Philippines, and the Development Bank of the Philippines (DBP).<br>Within five days of the IRR's implementation, Land Bank and DBP will transfer their contributions to the dedicated account of the Treasury Bureau.<br>A technical working group comprising various government entities formulated the IRR, which will take effect after a 15-day period.<br>The MIF Advisory Body can now accept nominations and applications for key positions within the MIC.

The Bureau of the Treasury released the implementing rules and regulations (IRR) for the Maharlika Investment Fund (MIF) following comprehensive consultations with the Land Bank of the Philippines and the Development Bank of the Philippines (DBP).

Finance Secretary Benjamin E. Diokno said the Official Gazette published on Monday, Aug. 28 the detailed IRR of the Maharlika Investment Fund (MIF) Act, setting the stage for the establishment of the country's first sovereign wealth fund.

According to Diokno, the IRR was transmitted to the National Printing Office last Aug. 22, and published in the Official Gazette on Aug. 28.

"The IRR will be effective 15 days after publication, which is on 12 September 2023," Diokno told the Manila Bulletin on Tuesday, Aug. 29.

Under the provisions of Republic Act 11954, the IRR outlined the specific guidelines for the operation of the Maharlika Investment Corp. (MIC), which serves as the sole entity responsible for mobilizing and utilizing of the MIF.

RELATED STORY: Decoding Maharlika's rules and regulations

Based on the copy of the IRR obtained by Manila Bulletin, the MIC will initially be capitalized with P125 billion. The national government will contribute P50 billion, while the Land Bank and DBP will provide P50 billion and P25 billion, respectively.

Within five days of the IRR's implementation, the Land Bank and DBP will transfer their respective contributions to the dedicated account of the Treasury bureau.

These funds will be securely held in a specialized account managed by the Treasury until the MIC is prepared to commence its operations.

A team consisting of the Department of Finance, Department of Budget and Management (DBM), Securities and Exchange Commission, Office of the Government Corporate Counsel, and National Economic and Development Authority (NEDA) worked together to create the IRR.

Meanwhile, the MIF Advisory Body, comprising the DBM, NEDA, and the National Treasurer, will commence the acceptance of nominations and applications for key positions within the MIC.

These positions include the MIC president and chief executive officer, regular directors, and independent directors.

"The Advisory Body composed of the DBM Secretary, the NEDA Secretary, and the Treasurer of the Philippines met today [Tuesday] for its initial meeting in Tokyo, Japan," Diokno said.

The government officials are currently in Tokyo attending the 14th Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation.

As of Tuesday afternoon, the Official Gazette website has not yet made the IRR available.

In a separate statement, Diokno said the MIF is set to play a key role in expanding the government's fiscal capacity, alleviating the strain on domestic funds, and decreasing dependence on official development assistance for financing major projects.

“We will pursue public road networks, tollways, railways, green energy, water resources, agro-industrial ventures, and telecommunications. These critical areas offer high rates of return and significant socioeconomic impact,” Diokno said.

“The MIF can also be used for green and blue projects, countryside development, and emerging megatrends such as ESG or environment, social, and governance and cutting-edge technologies,” he added.

The finance official also said that foreign institutions have shown a positive response to the MIF during their recent non-deal roadshows abroad, indicating their interest in investing in the Philippines.

“The private sector will play a huge role in bringing in funds to grow the MIF,” Diokno said.

Related Tags

Maharlika Investment corporation Maharlika Investment Fund (MIF) Finance Secretary Benjamin E. Diokno
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