Timeline of the Maharlika Investment Fund implementation

October 20, 2023

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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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 

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

On the requests of LBP and DBP for regulatory relief 

RTVMalacañang, Departure Statement for Participation to the ASEAN-GCC Summit 10/19/2023, Oct. 19, 2023

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VERA Files is a nonstock, nonprofit, independent media organization. Founded in March 2008, it is published by veteran Filipino journalists taking a deeper look into current Philippine issues. Vera is Latin for “true.”

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