Mindanaotoday.com | MIF to be functional by year-end, says DBM
By: URIEL QULINGUING
With the release of the revised implementing rules and regulations, the state-created Maharlika Investment Fund (MIF) will likely be operational by year-end, the Department of Budget and Management (DBM) said.
In a press statement posted online on Sunday, November 12, Budget Secretary Amenah F. Pangandaman commended President Ferdinand R. Marcos Jr. for the release of revised implementing rules and regulations (IRR).
“I am glad of this development, as this shall allow the MIC (Maharlika Investment Corporation) Board to have the liberty and flexibility to fulfill its mandate, and explore beneficial investment opportunities while adhering faithfully to the letter of the law and ensuring high-impact investments that are in line with the country’s socioeconomic development policies and programs,” Pangandaman said.
The President earlier assured that the members of the MIC Board, whose primary job is to rule and administer the MIC, its assets, and investments by law, will have the necessary freedom to oversee the fund without undue political interventions that will impede its fulfillment of functions.
“This will also improve accountability, openness, and efficacy in carrying out the law’s provisions,” the budget secretary said, and that with the issuance of the IRR, “we remain positive that the MIF will be functional by the end of this year, on track and consistent with the timeline given earlier.”
The MIC, which was created under Republic Act (RA) 11954, shall act as the sole vehicle for mobilizing and utilizing the MIF for investments in transactions to generate optimal returns on investments (ROI) while reinvigorating job creation and accelerating poverty reduction by sustaining the economy’s high growth trajectory.
“As a member of the Philippine economic team, I commit my full and unequivocal support for the smooth implementation of the MIF’s IRR, with trust and confidence that MIF’s managers will perform their duties and responsibilities to the best of their abilities for the good of the nation,” Pangandaman said.
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