Malacañang releases revised implementing rules and regulations of Maharlika Investment Fund Act

Malacañang has released the revised implementing rules and regulations of the Maharlika Investment Fund Act on Saturday.Among the most salient changes in the revised IRR of the MIF law is giving the President authority to accept or reject the nominees submitted by the Maharlika Investment Corp.’s Advisory Body for the positions of president and chief executive officer , regular, and independent directors of the MIC Board.

The previous version of the IRR supposedly limits the choices of the President on who he can appoint in the MIC Board to those shortlisted by the Advisory Body.In particular, Section 23 of the previous IRR, states that regular directors of the MIC “shall be appointed by the President upon recommendation of the Advisory Body.”The Advisory Body for the MIC is composed of the secretaries of Budget, National Economic and Development Authority , and the Treasurer of the Philippines.

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