BBM suspends Maharlika Fund implementation

Law provisions, IRR to be reviewed

- ALEXIS ROMERO

President Marcos yesterday suspended the implementation of the sovereign wealth fund or Maharlika Investment Fund (MIF) to further study its implementing rules and regulations (IRR) and ensure that safeguards are in place “for transparency and accountability.”

“Upon the directive of the President, the treasurer of the Philippines, in coordination with the LBP (Land Bank of the Philippines) and DBP (Development Bank of the Philippines), is hereby directed to suspend the implementation of the IRR of RA (Republic Act) No. 11954,” Executive Secretary Lucas Bersamin said in a memorandum dated Oct. 12.

Budget Secretary Amenah Pangandaman told The STAR that the President’s economic team will abide by his decision to suspend the MIF’s implementation.

Finance Secretary Benjamin Diokno, who will chair the Maharlika Investment Corp., has yet to comment on the suspension.

The controversial Maharlika Investment Fund Act of 2023 was signed into law on July 18 and its IRR was issued on Aug. 28.

Last month, sovereign wealth fund critics challenged the legality of the measure before the Supreme Court (SC), arguing it was not duly enacted in accordance with the Constitution.

Solicitor General Menardo Guevarra yesterday said his o ce is preparing to defend the MIF before the SC.