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The Palace released on Saturday the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) Act, which gives the President authority to accept or reject the nominees submitted by the MIC (Maharlika Investment Corp.) Advisory Body for the positions of president and chief executive officer (PCEO), regular, and independent directors of the MIC Board.

President Ferdinand Marcos Jr earlier on ordered the review of the IRR of Republic Act (RA) No. 11954, or the law establishing the MIF, to make sure safeguards are in place to guarantee transparency and accountability in carrying out the provisions of the law.

Marcos wants the Board to be insulated from political influence and considerations in setting the qualifications of the MIC officers, a member of the Implementing Rules and Regulations (IRR) review group said on Saturday

“The reason for removing the qualifications in the IRR is to give more independence to the Board in determining the specific qualifications of the other officers of the MIC in order to carry out its mandate to efficiently manage the MIF,” Monetary Board Member and former Treasurer of the Philippines Rosalia De Leon said in a statement.

“The President wants the Board to be insulated from political influence and considerations and would like to give the leeway to set the qualifications in the best way they know how based on their experience and expertise in fund management.”

Marcos has guaranteed the members of the MIC will exercise independence to give the body more latitude in managing the fund, thus promoting good corporate governance.

This was one of the provisions put forward by the President when he met with officials from the Office of the President, Office of the Executive Secretary, Presidential Management Staff, Bureau of Treasury and Government Service Insurance System to give the Board of Directors of the MIC the independence to manage the fund, free from any undue political interference. Presidential News Desk