THE Department of Budget and Management (DBM) lauded the release of the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF).
DBM Chief Secretary Amenah Pangandaman, in a statement, commended President Ferdinand Marcos, Jr. for his earnest support to fully operationalize the MIF through the much-awaited release of the fund’s revised IRR.
The Chief Executive earlier gave the assurance that the members of the board of the Maharlika Invesment Corporation (MIC), whose primary job is to rule and administer the MIC, its assets, and investments by law, will have the necessary freedom to oversee the fund without undue political interventions that will impede its fulfillment of functions, the statement continued.
“I am glad of this development, as this shall allow the MIC Board to have the liberty and flexibility to fulfill its mandate and explore beneficial investment opportunities while adhering faithfully to the letter of the law and ensuring high-impact investments that are in line with the country’s socioeconomic development policies and programs. This will also improve accountability, openness, and efficacy in carrying out the law’s provisions,” Secretary Pangandaman commented.
She said that with the issuance of the IRR, the MIF will be functional by the end of this year, on track and consistent with the timeline given earlier.
The Maharlika Investment Corp. (MIC), which was created under Republic Act (RA) 11954, shall act as the sole vehicle for mobilizing and utilizing the MIF for investments in transactions to generate optimal returns on investments (ROI) while reinvigorating job creation and accelerating poverty reduction by sustaining the economy’s high growth trajectory.
“As a member of the Philippine economic team, I commit my full and unequivocal support for the smooth implementation of the MIF’s IRR, with trust and confidence that MIF’s managers will perform their duties and responsibilities to the best of their abilities for the good of the nation. Para sa bayan, para sa Pilipino, para sa Bagong Pilipinas,” the DBM chief concluded.
(PHOTO CREDIT: DBM Facebook page)