MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Monday said that the Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) has been finalized.
Marcos said that the MIF will be operational soon.
“The Implementing Rules and Regulations of Maharlika Investment Fund have been finalized. Upon our approval, we’ll swiftly establish the corporate structure, getting the MIF up and running,” said Marcos in a Facebook post.
To recall, the MIF’s IRR had been suspended by Marcos to make room for further improvement.
In a memorandum dated Oct. 12 and addressed to the heads of the Bureau of the Treasury, Land Bank of the Philippines, and Development Bank of the Philippines, Executive Secretary Lucas Bersamin said that “upon the directive of the President, the Treasurer of the Philippines, in coordination with [Landbank] and DBP, is hereby directed to suspend the implementation of the IRR (implementing rules and regulations)” of the law that created the MIF.