PBBM freezes Maharlika Fund Law
PRESIDENT Ferdinand R. Marcos Jr. has ordered the suspension of the implementing rules and regulations (IRR) of Republic Act (RA) 11954 or the Maharlika Investment Fund (MIF) Act of 2023, Malacañang announced Wednesday.
In an Oct. 12 memorandum signed by Executive Secretary Lucas Bersamin by authority of the President, the Bureau of Treasury (BTr), in coordination with the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP), was directed to suspend the implementation of the IRR of RA 11954, “pending further study thereof.”
The memorandum also mandates the BTr to notify all concerned heads of departments, bureaus, offices and other agencies of the executive department, including government-owned or -controlled corporations (GOCCs), about the suspension of the implementation of MIF law.
The memorandum which takes effect immediately was addressed to BTr officer-in-charge Sharon Almanza, LBP president and chief executive officer (CEO) Lynette Ortiz and DBP president and CEO Michael de Jesus.
In a statement, the Office of the Executive Secretary said the directive was to make sure that there will be safeguards to enaure the proper use of Maharlika fund.
“President Ferdinand R. Marcos Jr. issued a suspension because he wanted to study carefully the IRR to ensure that the purpose of the fund will be realized for the country’s development with safeguards in place for transparency and accountability,” it said.
Meanwhile, House Committee on Ways and Means chair Albay Representative Joey Salceda said he respects the decision of President Ferdinand Marcos Jr. in suspending the implementation of Maharlika Investment Fund Act.
“That is the President’s exercise of Executive discretion well within his power. The letter of the law will still be followed without exception,” Salceda said.
However, Salceda said the IRR should anticipate future issues.
“If he sees issues in Executive branch’s IRR draft, he can resolve them. Better to do so before full implementation,” he added.
Salceda believes the government is still on track to get the ball rolling by the end of this year.
For her part, ACT Teachers Party-list Rep. France Castro said the suspension of MIF implementation shows that the measure was “rushed and flawed in so many levels.”
Castro said it would be better if Pres. Marcos Jr. just scrapped the whole Maharlika law rather than just suspend it. Philippine News Agency, Jester Manalastas
