Atin Ito First Filipino Community Newspaper in Ontario
President Marcos has suspended the implementation of the implementing rules and regulations (IRR) of the controversial Maharlika Investment Fund “pending further study.”
Marcos issued the suspension through a memorandum from Executive Secretary Lucas Bersamin, which he signed by the authority of the President on Oct. 12.
It was directed to the Bureau of Treasury, Land Bank of the Philippines (LBP), and the Development Bank of the Philippines (DBP).
“With reference to the IRR of RA No. 11934, and upon the directive of the President, the Treasurer of the Philippines, in coordination with the LBP and DBP, is hereby directed to suspend the implementation of the IRR of RA No. 11954 pending further study thereof,” the memorandum read.
They were also directed to notify all concerned heads of departments, bureaus, offices and other agencies of the executive department, including government-owned and controlled corporations of such action.
This came ahead of Marcos’ trip to the Kingdom of Saudi Arabia, where he is expected to present the Maharlika Fund to the Kingdom and its businesses.
The controversial fund—the Philippines’ first investment fund— was filed in the House of Representatives on Nov. 28, 2022 and signed into law on July 18, 2023 or eight months later.
When Marcos signed the law, he stressed that the fund is a tool for economic development that will promote fiscal stability through strategic and profitable investments in key sectors.
He said it is envisioned to be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects that contribute to the attainment of sustainable development. — Betheena Unite
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Credit belongs to: www.mb.com.ph
