MIF new rules

Government released recently the revised implementing rules of the Maharlika Investment Fund (MIF) and as expected, opinions were mixed.

Under the revised rules, the President has the authority to accept or reject appointees to the board, including the president and executive director, as well as independent directors of the Maharlika Investment Corp. (MIC) as recommended by the advisory body.

The previous version of the IRR supposedly limited the choices of the President on who he can appoint to the MIC board to those shortlisted by the advisory body.

The President may also require the advisory body to submit additional names of nominees should the Chief Executive fail to find a suitable appointee from the initial shortlist submitted by the body.

The advisory board is composed of the secretaries of the Department of Budget and Management and the NEDA, as well as the Treasurer of the Philippines.

Another controversial change introduced by the new IRR is the relaxation of the qualification for members of the board of directors as it removed the requirement that they should have a master’s degree in finance, economics, business administration, or a related field; at least 10 years experience in finance, investments, economics, business, or a related field preferably in senior management or board positions; and a proven track record in strategic decision-making, investment performance, understanding financial markets and macroeconomic trends, risk identification and mitigation, and adherence to ethical standards and regulations.

ACT-Teachers party list Rep. France Castro has sounded the alarm on the revised MIC rules, saying that it has dangerous provisions and lacks thorough scrutiny, even as she questioned the new provision that gave the President increased authority to select the members of the board of the MIC which would manage the fund.

She said that the new IRR lowers the educational and professional experience requirements and does not mention the qualifications for regular and independent directors.

Meanwhile, the Department of Finance supported the revised IRR, noting that the enhancements are within the bounds of the law.

It said that the new rules ensure the independence of the MIC board and allows it more headroom to form credible oversight and risk management bodies while upholding the highest standards of effective fund management.

Malacañang has also emphasized that the revised IRR strengthened some of the provisions of the MIF to ensure a professional management of fund, free from political interference, and aligned with principles of good governance.

Monetary Board member and former national treasurer Rosalia de Leon, for her part, explained that the reason for removing the qualifications in the IRR is to give it more independence in determining the specific qualifications of the other officers of the MIC in order to carry out its mandate to efficiently manage the MIF.

House Speaker Martin Romualdez hailed the President’s commitment to strengthen the independence of the MIC board, adding that the revision is a significant step toward enhancing corporate governance and ensuring that the MIF is managed with the utmost transparency and accountability.

The House leader said that the President’s earlier directive to review and strengthen the IRR of the MIF underscores the importance of safeguarding this national asset and further guarantees a well-rounded perspective in managing the fund.

Also, Albay Rep. Joey Salceda stressed that it is now time to move on following the issuance of the revised IRR and that the country must now focus on more pressing issues like what investments are the most critical at this point of its development.

The government has yet to start the implementation of the MIF, but President Marcos has stated that it will be implemented before the end of the year.

Educational achievements are important but so are integrity, competence, experience, and training and other qualifications. Government financial institutions like the Social Security Commission, the GSIS board, even private banks do not put too much premium on educational achievements but equally consider other factors under the fit-and-proper rule.

All we can hope for is that the people who will manage the MIF will have the country’s best experience at heart.

Supporting tourism promotion goals

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