(UPDATE) PRESIDENT Ferdinand Marcos Jr. has suspended the implementation of the Maharlika Investment Fund (MIF), citing the need for further study, Malacañang said on Wednesday.
The President, through Executive Secretary Lucas Bersamin, issued a memorandum dated Oct. 12, 2023, directing the Bureau of the Treasury , Land Bank of the Philippines and Development Bank of the Philippines to suspend the implementation of the implementing rules and regulations of Republic Act 11954 or the 'Maharlika Investment Fund Act of 2023.'The IRR, a prelude to the MIF's operationalization, was released in August.'President Ferdinand R. Marcos Jr.
'We are one with the President in ensuring that the objectives of the Maharlika Investment Fund are achieved and that all proper safeguards are in place, with due regard to the fiduciary responsibility imposed by the law on the managers of the Fund,' said Villanueva, one of the 19 senators who voted in favor of the MIF bill.Sen. Cynthia Villar, another supporter of the measure, agreed that more time is needed to study the MIF.
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