MANILA, Nov. 6 — Philippine President Ferdinand Romualdez Marcos on Monday said that the implementing rules and regulations of the Maharlika Investment Fund (MIF) have been finalised, Xinhua reported.
“Upon our approval, we’ll swiftly establish the corporate structure after getting the MIF up and running,” Marcos said on his Facebook page. He did not give further details on the rules.
In July, Marcos signed into law the Maharlika Investment Fund Act of 2023, establishing the country’s first-ever sovereign investment fund designed to rev up economic development by making strategic and profitable investments in key sectors.
Last month, Marcos ordered the MIF’s suspension as the government was studying the sovereign wealth fund’s rules and regulations to ensure its transparency and accountability.
— Bernama-Xinhua
