President Ferdinand "Bongbong" Marcos Jr. on Thursday pushed for the Maharlika Investment Fund among business leaders in Saudi Arabia. He said the Philippines also stood to gain from the kingdom's "extensive experience" in managing sovereign wealth funds. Marcos made the pitch at a business roundtable meeting in Riyadh just hours after saying that the suspension of the MIF's implementing rules and regulations didn't mean the fund had been put on hold.
In a memorandum dated October 12, 2023, Marcos directed the suspension of the enforcement of the implementing rules and regulations of the MIF "pending further study." In his speech, Marcos said the MIF concept as a sovereign fund remained "a good one and we are still committed to having it operational by the end of the year." Marcos said the suspension of the IRR should not be misinterpreted as a judgement of rightness or wrongness of the MIF.
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Marcos orders suspension of Maharlika Investment Fund IRRThe memorandum suspending the IRR was addressed to the Bureau of Treasury and the CEOs of state-run Land Bank of the Philippines and the Development Bank of the Philippines.
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