FINANCE Secretary Benjamin Diokno said that they are supportive of the Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) Act saying the amendments help ensure independence, credible oversight bodies.

Diokno said that the oversight and risk management bodies will help in guiding the MIF.

“In particular, the IRR’s emphasis on ensuring the independence of the Board of Directors of the Maharlika Investment Corporation (MIC) allows it more headroom to form credible oversight and risk management bodies while upholding the highest standards of effective fund management," he said in a statement.

Earlier Malacañang released the IRR of the MIF, with the revised version authorizing the president to accept or reject nominees submitted by the MIC’s Advisory Body for positions on the Board.

Likewise, they removed the specific advanced degree requirements for those who can be appointed to manage the sovereign wealth fund.

The DOF secretary said that the IRR changes come from within the bounds of the law and intended for a strong corporate governance structure.

“Most importantly, this affirms the Marcos Jr. administration’s commitment to see the Fund off and running by the end of the year and effectively paves the way for the full operationalization of a well-structured, robust, and effective sovereign wealth fund that will advance the Philippines’ long-term growth,” he said.