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Sunday, November 12, 2023

Final Maharlika IRR guarantees insulation of fund from dangers of dirty politics – Speaker Romualdez 

Speaker Ferdinand Martin G. Romualdez is glad that the final implementing rules and regulations that will govern the Maharlika Investment Corporation, which will protect and guarantee the fund from the dangers of political interference, has been released.  

 “This move is a significant step towards enhancing corporate governance and ensuring that the MIF is managed with the utmost transparency and accountability,” Speaker Romualdez said, hailing President Marcos’ commitment to “strengthening the independence”’ of the MIC’s Board of Directors.  

“The autonomy of the MIC Board allows for more objective and effective decision-making, free from undue political influence. This is crucial in overseeing a fund of this magnitude, which is pivotal to our nation's economic growth,” Speaker Romualdez, the leader of the 300-plus strong House of Representatives, pointed out. 

“The final IRR, as introduced by the President, clarify the Board's discretionary powers while ensuring adherence to the law and alignment with the nation's socioeconomic development program,” the president of the 77-strong Lakas-Christian Muslim Democrats (CMD) party said.

Speaker Romualdez highlighted the specific instruction of the Chief Executive for the MIC Board to enjoy “independence,” which is clearly his demonstration of a “a strong commitment to good governance practices, which will foster investor confidence and attract more investment to our country.” 

“President Marcos' directive to review and strengthen the IRR of the MIF underscores the importance of safeguarding this national asset,” he said, adding the MIC Board composition alone “further guarantees a well-rounded perspective in managing the fund.” 

MIC Board of Directors are highly-respected and experienced leaders from both the public and private sectors. 

The Speaker expressed confidence this latest development in the Marcos administration will mean “a more robust and stable economy” where even ordinary Filipinos stand to benefit, as this will pave the way for “more job opportunities, improved public services, and a higher standard of living.”  

“The MIF, if managed independently and efficiently, can significantly contribute to the nation's socioeconomic development, aligning with the government's broader goals,” Speaker Romualdez stressed.

Speaker Romualdez then expressed optimism Marcos will be able to finish MIF’s operationalization before the year ends, calling it “a promising development for our country's future.” 

“This strategic move by the President is a testament to his vision of a more prosperous and self-reliant Philippines, one where every Filipino stands to benefit from the nation's economic successes,” the administration stalwart declared.