THE Department of Finance (DOF) yesterday expressed support for the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) Act, noting that the enhancements are within the bounds of the law.
The DOF said the IRR ensures the independence of the Board of Directors of the Maharlika Investment Corporation (MIC) and allows it more headroom to form credible oversight and risk management bodies while upholding the highest standards of effective fund management.
“The enhancements introduced by the IRR are all within the bounds of the law, meant to give full meaning to the establishment of a strong corporate governance structure,” DOF said.
It added, “Its finalization comes at an opportune time as investors, both local and international, have signified in several investor promotion engagements their robust interest in the countryâs first-ever sovereign wealth fund.”
Released on Nov. 11, the revised IRR of Maharlika introduced several amendments to the provisions on the appointment of the Board of Directors of the MIC.
“Most importantly, this affirms the Marcos Jr. administrationâs commitment to see the Fund off and running by the end of the year and effectively paves the way for the full operationalization of a well-structured, robust, and effective sovereign wealth fund that will advance the Philippinesâ long-term growth,” the DOF added.
Meanwhile, President Ferdinand “Bongbong” Marcos Jr. has appointed Rafael D. Consing Jr. as president and chief executive officer (CEO) of the MIC.
The Presidential Communications Office made the announcement yesterday.
Consing was appointed early this year as executive director of the Office of the Presidential Adviser for Investment and Economic Affairs (OPAIEA) under the Marcos administration.
He was responsible for running the day-to-day operations of OPAIEA, which drives the timely delivery of investment projects and provides policy recommendations to advance the President’s investment and economic agenda.
Consing was also the senior vice president, chief financial officer, and compliance officer of International Container Terminal Services, Inc. (ICTSI).
The MIC will serve as the investment body responsible for the overall governance and management of the Fund and is expected to be fully operational by end-2024.
It will identify financially and commercially viable infrastructure projects to invest in and will formulate investment strategies covering emerging megatrends, such as environment, social and governance, digitalization and health care.
The MIC will be governed by a Board of Directors with nine members chaired by the Secretary of Finance.
The DOF earlier said the MIF is expected to widen fiscal space, ease the burden on local funds and reduce reliance on official development assistance in funding big-ticket projects, such as those specified in the recently approved Infrastructure Flagship Project list. (PNA)/PN
