MANILA – The Maharlika Investment Fund (MIF) remains committed to its objectives of generating employment, enhancing public services, and elevating the standard of living.

In a statement issued on Sunday following the release of the updated implementing rules and regulations (IRR), House Speaker Ferdinand Martin Romualdez expressed optimism that the recent developments under the Marcos administration would lead to “a more resilient and secure economy,” with ordinary Filipinos poised to reap the benefits.

“The MIF, if managed independently and efficiently, has the potential to significantly contribute to the nation’s socioeconomic development, aligning with the broader goals of the government,” he remarked.

Romualdez anticipates that President Ferdinand Marcos Jr. will oversee the operationalization of MIF before the year concludes.

“This strategic move by the President underscores his vision for a more prosperous and self-reliant Philippines, where every Filipino can share in the nation’s economic successes,” he added.

The revised IRR, disclosed on Saturday, introduces several amendments to the provisions regarding the appointment of the Board of Directors of the Maharlika Investment Corporation.

The updated IRR mandates the Advisory Board to submit the list of nominees for vacant regular and independent director positions, as well as president and chief executive roles, within 30 days of their vacancy to the Office of the President.

It also introduces a new provision indicating that the President “may either accept or reject the recommendation of the Advisory Body” and “may require the Advisory Body to submit additional names of nominees.”

Enacted into law on July 18 this year, the MIF was established to optimize national funds by generating returns to support the government’s economic objectives.

The MIF will be utilized to invest in various assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate, and high-impact infrastructure projects contributing to sustainable development. (ai/mnm)