The revised IRR of the Maharlika Investment Fund (MIF) Act removed the specific advanced educational degree requirements for those who can be appointed to manage the sovereign wealth fund.
Apart from giving the President authority to accept or reject nominees in the Maharlika Investment Corp.’s Board of Directors, the revised implementing rules and regulations of the Maharlika Investment Fund Act removed the specific advanced educational degree requirements for those who can be appointed to manage the country’s first sovereign wealth fund.
The Treasury was tasked under the MIF law to formulate the sovereign wealth fund’s implementing rules.“The reason for removing the qualifications in the IRR is to give more independence to the Board in determining the specific qualifications of the other officers of the MIC in order to carry out its mandate to efficiently manage the MIF,” de Leon said.
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