Marcos defends IRR for Maharlika Fund

President Marcos yesterday defended a provision in the revised implementing rules and regulations (IRR) for the Maharlika Investment Fund (MIF) law that allows him to reject nominees to vacant posts recommended by the advisers of the wealth fund’s decision makers.

- ALEXIS ROMERO

Under the revised IRR released last week, the President “may either accept or reject” the nominees of an advisory body to vacant posts in the Maharlika Investment Corp. (MIC), the vehicle for mobilizing and using the investment fund. 

The advisory body consists of the heads of the Department of Budget and Management and the National Economic and Development Authority as well as the National Treasurer. The revised IRR also states that the President may require the advisory body to submit additional names of nominees.