MANILA – President Ferdinand R. Marcos Jr. has initiated a revision of the Implementing Rules and Regulations (IRR) of the Maharlika Investment Corp. (MIC) to insulate the Board from political influence and considerations in determining the qualifications of its officers, according to a member of the IRR review group on Saturday.
Rosalia De Leon, a Monetary Board Member and former Treasurer of the Philippines, explained the rationale behind removing specific qualifications in the IRR, stating, “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.”
De Leon added, “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.”
President Marcos has assured that MIC members will exercise independence to enhance the body’s ability to manage the fund, promoting good corporate governance.
This provision was among those presented by the President during a meeting with officials from the Office of the President, Office of the Executive Secretary, Presidential Management Staff, Bureau of Treasury, and Government Service Insurance System. The objective is to grant the MIC Board of Directors independence in fund management, free from undue political interference.
On Saturday, the Palace released the revised IRR of the MIF Act, granting the President the authority to accept or reject nominees from the MIC Advisory Body for the positions of president and chief executive officer (PCEO), regular, and independent directors of the MIC Board.
Earlier, the President ordered the review of the IRR of Republic Act (RA) No. 11954, the law establishing the MIF, to ensure safeguards are in place for transparency and accountability in implementing its provisions. PND
