President Ferdinand Marcos, Jr. has ordered the suspension of the implementing rules and regulations (IRR) of the Maharlika Investment Fund, the Office of the Executive Secretary said Wednesday.

In a memorandum released by Executive Secretary Lucas Bersamin on October 12, he said the implementation was suspended “pending further study”.

“With reference to the IRR of RA No. 11394, upon the directive of the President, the Treasurer of the Philippines, in coordination with the LBP (Landbank of the Philippines) and the DBP (Development Bank of the Philippines), is hereby directed to suspend the implementation of the IRR of RA No.11954, pending further study thereof, and to notify all concerned heads of departments, bureaus, offices and other agencies of the executive department, including GOCCs (government-owned and controlled corporations), of such action,” the memorandum read.

Executive Secretary Lucas Bersamina said Marcos issued a suspension “because he wanted to study carefully the IRR to ensure that the purpose of the fund will be realized for the country's development with safeguards in place for transparency and accountability.”

Marcos signed into law the Maharlika Investment Fund on July 18, creating the country’s first sovereign wealth fund. Jaspearl Tan/DMS