After suspending the implementation of the Maharlika Investment Fund’s implementing rules and regulations (IRR), President Ferdinand Marcos Jr. said on Oct. 19 that the concept of the sovereign wealth fund “remains a good one” and it will be operational by the end of 2023.
A day prior, Malacañang released a memorandum dated Oct. 12 ordering a pause on the IRR of Republic Act No. 11954 creating the MIF. The suspension of the IRR “pending further study” created confusion, with many thinking that Marcos was having second thoughts about the MIF.
(Read VERA FILES FACT SHEET: The Maharlika Investment Fund explained and VERA FILES FACT SHEET: Unpacking Maharlika Investment Fund’s urgent legislation)
Here’s a timeline of events on the controversy:
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Sources
On Marcos certifying MIF bill as urgent
Senate of the Philippines, Senate Session No. 77 (May 31, 2023), May 31, 2023
On tampering with final version of MIF bill
- PhilStar.com,‘Maharlika tampered with’, June 22, 2023
- ABS-CBN News, Lawmakers slam Maharlika bill ‘tampering’ post-Congress approval, June 22, 2023
- The Daily Tribune, Pimentel blasts ‘tampering’ of Maharlika bill, June 22, 2023
- Dobol B TV Bantay Sa Kongreso, Dobol B Bantay Balita Sa Kongreso | Nimfa Ravelo | June 25, 2023, June 25, 2023
Senate of the Philippines, Kapihan sa Senado (June 29, 2023), June 29, 2023
Senate of the Philippines, Press Release – PRIB: Transcript of interview Senate President Juan Miguel “Migz” F. Zubiri, June 29, 2023
Official Gazette of the Philippines, Republic Act No. 11954, July 18, 2023
Official Gazette of the Philippines, Implementing Rules and Regulations of the Maharlika Investment Fund Act of 2023 (Republic Act No. 11954), Aug. 22, 2023
Department of Foreign Affairs Twitter account, The @TreasuryPh has issued the implementing rules and regulations (IRR) of Republic Act No. 11954, otherwise known as the Maharlika Investment Fund (MIF) Act of 2023 on August 28, 2023, Aug. 31, 2023
RTVMalacañang, Signing of the Maharlika Investment Fund Act 07/18/23 (transcript), July 18, 2023
University of the Philippines School of Economics, (DP 2023-02) Maharlika Investment Fund: Still Beyond Repair | Abrenica | UPSE Discussion Papers
Land Bank of the Philippines, LANDBANK remits P50B investment in Maharlika, Sept. 15, 2023
Development Bank of the Philippines, DBP remits P25 billion for MIC Sept. 16, 2023
On the suspension of the IRR of RA 11954
- ABS-CBN News Channel official X account, JUST IN: Malacanang suspends the implementing rules and regulations of the Maharlika Investment Fund Act of 2023, Oct. 18, 2023
- Chino Leyco (Manila Bulletin) X account, READ: Malacañang has recalled the implementing rules and regulations (IRR) for the Maharlika Investment Fund (MIF) in order to make adjustments, specifically regarding the appointment of key managers., Oct. 18, 2023
- Inquirer.net, Marcos suspends Maharlika fund implementation, Oct. 18, 2023
On the requests of LBP and DBP for regulatory relief
- GMA News Online, DBP, Landbank seek regulatory relief amid Maharlika Fund contribution, Oct. 11, 2023
- Manila Bulletin, Landbank, DBP ask BSP for regulatory ‘relief’, Oct. 11, 2023
- Inquirer.net, Landbank, DBP seen getting BSP reprieve on Maharlika investments, Oct. 13, 2023
- Rappler, Behind ‘regulatory relief’: Landbank, DBP’s challenge after funding Maharlika, Oct. 13, 2023
- Business Mirror, Solon: DBP, LBP plea for regulatory relief logical, Oct. 13, 2023
- Land Bank of the Philippines, Land Bank of the Philippines | About Us
- Development Bank of the Philippines, 75 Years of Banking for the Country
- ABS-CBN News, Gov’t urged to return Maharlika money from Landbank, DBP, Oct. 18, 2023
- ABS-CBN News, ‘Maharlika should’ve borrowed funds from Landbank, DBP’, Oct. 19, 2023
RTVMalacañang, Departure Statement for Participation to the ASEAN-GCC Summit 10/19/2023, Oct. 19, 2023
