President Ferdinand Marcos Jr. on Monday said that the implementing rules and regulations of the controversial Maharlika Investment Fund have been finalized, after he ordered its suspension last month.
– President Ferdinand Marcos Jr. on Monday said that the implementing rules and regulations of the controversial Maharlika Investment Fund have been finalized, after he ordered its suspension last month.
“Upon our approval, we'll swiftly establish the corporate structure, getting the MIF up and running,” Marcos said in a Facebook post on Monday, with attached images of the president meeting with the country’s economic team.A top official of the Development Bank of the Philippines told CNN Philippines last month that the Office of the Executive Secretary had directed the Treasurer to suspend the IRR’s implementation pending further study.
The OES confirmed this and said the suspension was ordered to ensure that the purpose of the fund would be “realized for the country's development with safeguards in place for transparency and accountability.”Marcos signed the MIF into law in July, only seven months after it was pushed in the lower chamber of Congress. He defended it, saying it would allow the country to pursue infrastructure developments without incurring more debt.
Critics have accused the legislature of railroading the measure, while the fund itself has been described asThe MIF is projected to become
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