Malacañang releases Maharlika Fund's revised IRR

CNN Philippines

After weeks of review, Malacañang has released the revised implementing rules and regulations of the Maharlika Investment Fund Law. One of the major changes, the easing of requirements for appointing top officials who will manage the fund.  Xianne Archangel with the details.  Visit our website for more #NewsYouCanTrust: https://www.cnnphilippines.com/  Follow our social media pages:  • Facebook: https://www.facebook.com/CNNPhilippines • Instagram: https://www.instagram.com/cnnphilippines/ • Twitter: https://twitter.com/cnnphilippines

Transcript

00:00 The Philippine President now has a bigger say in the appointment of directors and the

00:04 Chief Executive Officer of the Maharlika Investment Corporation or MIC.

00:09 Under the Revised Implementing Rules and Regulations or IRR of the Maharlika Investment Fund Law,

00:15 the President can reject or accept the recommended appointees of an advisory board.

00:20 He can also require the advisory body to submit names of additional nominees.

00:24 The qualifications for directors of the MIC were also relaxed in the IRR, which was released

00:30 barely a month since President Bongbong Marcos suspended the implementation of the Maharlika

00:35 Fund Law.

00:36 Directors are no longer required to have a master's degree and at least 10 years of

00:41 experience in finance, investments, business, or economics.

00:45 An advisory body composed of the National Treasurer and the Socio-Economic and Budget

00:50 Secretaries will vet nominees for director.

00:53 Five directors and a CEO will join the MIC board, together with the Finance Secretary

00:58 as chairperson and the presidents of Land Bank of the Philippines and Development Bank

01:03 of the Philippines.

01:04 The MIC board will be in charge of creating an audit committee and stating its functions.

01:09 That's a drastic change from the previous IRR, which had a detailed list of the panel's

01:14 responsibilities, including oversight of external and internal auditors.

01:19 Advisory Board Member Rosalia De Leon says the easing of requirements for directors aims

01:24 to insulate the MIC board from political influence.

01:28 Budget Secretary Amena Pangandaman adds changes to the IRR will improve accountability and

01:33 openness in the implementation of the law.

01:36 But the Makabayan bloc has doubts about the president's hand in appointing directors

01:40 to the MIC.

01:42 ACT Teachers Part List Representative Franz Castro says more safeguards should be in place

01:47 in appointing officials who will manage public funds.

01:50 Malacanang says the Mjolnir fund is on track for rollout before the end of the year.

01:55 See you in our Kanghel, CNN Philippines.

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