Bureau of Treasury approves IRR for Maharlika Investment Fund, says Palace
MANILA, Philippines — The Bureau of Treasury (BTr) has approved the Implementing Rules and Regulations (IRR) for the Maharlika Investment Fund (MIF) Act, Malacañang said on Wednesday.
The law will take effect on September 12, 15 days after its full publication.
“The Bureau of Treasury approved last week the Implementing Rules and Regulations of Republic Act No. 11954, or the Maharlika Investment Fund Act of 2023, prescribing the law’s guidelines, procedures, and standards for implementation,” said the Presidential Communications Office (PCO) in a statement.
Under the IRR, the MIF’s managers or the Maharlika Investment Corp. (MIC) have an authorized capital stock of P500 billion, which will be divided into five billion shares, with a par value of P100 per share.
“There will be common shares of 3,750,000,000 equivalent to P375,000,000,000 to be subscribed by the national government and its agencies and instrumentalities while the preferred shares will be 1,250,000,000 equivalent to one hundred twenty-five billion pesos P125,000,000,000 for subscription by the national government and its agencies and instrumentalities,” said the PCO.
The MIC will be composed of the Secretary of Finance, MIC chief executive officer, the president and CEO of the Land Bank of the Philippines, the president and CEO of the Development Bank of the Philippines, two regular directors, and three independent directors. All of whom are presidential appointees.
“Based on the IRR, a Maharlika Investment Fund Joint Congressional Oversight Committee will be created to oversee, monitor, and evaluate the implementation of RA No. 11954, which will be composed of seven members each from the House of Representatives and the Senate,” said the PCO.