PBBM: Maharlika fund ‘up and running’ soon

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PRESIDENT Marcos Jr. yesterday said the implementation of the Maharlika Investment Fund (MIF) law would be “up and running” soon following the approval of the measure’s “final” implementing rules and regulations (IRR).

“The Implementing Rules and Regulations of Maharlika Investment Fund have been finalized.  Upon our approval, we’ll swiftly establish the corporate structure, getting the MIF up and running,” the President said in a Facebook post.

Photos of Marcos’ meeting with government officials, including Government Service Insurance System (GSIS) president and general manager Arnulfo “Wick” Veloso, were accompanied the post. It is not clear, though, if Velasco will be part of the Maharlika Investment Corporation (MIC) that would oversee the utilization of the MIF.

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In October, the Office of the Executive Secretary said the IRR of Republic Act 11954, or the Maharlika Investment Fund Act of 2023, has been put on hold pending further studies.

In explaining the conduct of the IRR review, the President said then that he wanted to ensure that the purpose of the fund “will be realized for the country’s development, with safeguards in place for transparency and accountability.”

He likewise said that his administration is committed to implement and make the law operational before the year ends.

The IRR, which was released in August this year, spells out the guidelines on the management of the MIF and the operations of the MIC.

RA 11954, or Maharlika Investment Fund Act, was signed into law by the President in July this year. It creates the MIC and pools funds from the Landbank (P50 billion), the Development bank of the Philippines (P25 billion), and the national government (P50 billion) to form the MIF, which will be invested in high-impact projects especially on infrastructure, among others.

The contribution from the national government will come from the Bangko Sentral ng Pilipinas’ total declared dividends, its share from the income of PAGCOR; properties, real and personal, identified by the DOF-Privatization and Management Office, and other sources such as royalties and/or special assessments.

Under the law, the MIF has an authorized capital stock of P500 billion.

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