Manila – House Speaker Ferdinand Martin Romualdez has endorsed the Maharlika Investment Fund (MIF) as a catalyst for socioeconomic development in the Philippines, predicting job creation, improved public services, and elevated living standards. This statement followed the release of the fund’s revised implementing rules and regulations (IRR) on Sunday.
According to Philippines News Agency, the MIF is poised to play a significant role in the country’s economic advancement, particularly under the administration of President Ferdinand Marcos Jr., who is expected to finalize the fund’s operational framework before the end of the current year. The House Speaker emphasized the fund’s potential to reflect President Marcos Jr.’s aspiration for a prosperous and self-sufficient nation, suggesting that the MIF could be instrumental in allowing all Filipinos to share in the economic gains.
Saturday’s release of the revised IRR brought to light amendments regarding the selection process for the Board of Directors of the Maharlika Investment Corporation. It details that the Advisory Board must present its nominees for board and executive positions to the Office of the President within 30 days of a vacancy, while also granting the President the discretion to accept or request additional nominees.
The MIF, enacted on July 18, aims to maximize national resources through investments that yield returns aligned with the government’s economic objectives. The fund is designed to diversify across various assets, encompassing foreign currencies, bonds, joint ventures, and infrastructure projects that align with sustainable development goals.