The government has issued the implementing rules and regulations (IRR) of Republic Act No. 11954, otherwise known as the Maharlika Investment Fund (MIF) Act of 2023.
In a statement, the Department of Finance (DOF) said the IRR was issued on August 28, and will take effect on September 12, or 15 days after publication.
Finance secretary Benjamin Diokno told reporters the advisory body, composed of the National Economic and Development Authority (NEDA) and the Department of Budget and Management (DBM) secretaries as well as the Treasurer of the Philippines met for the first time in Tokyo, Japan where they attended the Public-Private Partnerships (PPP) and MIF session.
“The session… serves as an avenue to brief Japanese trading houses, financial institutions, Japanese government agencies, multilateral institutions, and the private sector on their possible involvement in PPP projects in the Philippines and the MIF,” Diokno said.
The search for the president and chief executive officer of the Maharlika investment Corp. (MIC), two regular directors, and three independent directors is on,” he added.
The IRR was issued by the Bureau of the Treasury following consultations with founding government financial institutions (GFIs), Landbank of the Philippines and Development Bank of the Philippines, and the Technical Working Group consisting of the DOF, DBM, Securities and Exchange Commission, NEDA, Office of the Government Corporate Counsel and the Governance Commission for GOCCs.
