MANILA (Bernama-Xinhua): Philippine President Ferdinand Romualdez Marcos has ordered the suspension of the Maharlika Investment Fund (MIF) implementation as the government studies the sovereign wealth fund's implementing rules and regulations (IRR), the country's Executive Secretary Lucas Bersamin had announced.
In a statement, Bersamin said Marcos "issued the suspension because he wanted to study carefully the IRR to ensure that the purpose of the fund will be realised for the country's development with safeguards in place for transparency and accountability."
In July, Marcos signed into law the Maharlika Investment Fund (MIF) Act of 2023, establishing the country's first-ever sovereign wealth fund designed to rev up economic development by making strategic and profitable investments in key sectors, reported Xinhua.
In August, the government released the IRR, which spells out guidelines for managing the fund and operations of the Maharlika Investment Corp., which will oversee the fund. - Bernama-Xinhua
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