Pimentel blames poor staff work for Maharlika woes

FILE PHOTO: Senator Aquilino “Koko” Pimentel. Joseph B. Vidal/Senate PRIB

MANILA, Philippines — Incomplete staff work seemed to mark the implementing rules of the sovereign Maharlika Investment Fund after President Ferdinand Marcos Jr. suspended the initial rules through a memorandum circular signed by Executive Secretary Lucas Bersamin because of prevailing banking regulations.

“Be more professional because this involves the Office of the President,” opposition Sen. Aquilino “Koko” Pimentel III said in a radio interview. “My suggestion is for them to have a meeting and discuss among themselves first before they come out with a memorandum circular.”

“Those in the executive branch should better talk with each other because the president looked surprised that his own office released [an order],” he said, referring to a memorandum that Bersamin issued on Oct. 12.

The order was addressed to the heads of the Land Bank of the Philippines, the Development Bank of the Philippines, and the Bureau of the Treasury and suspended the law’s implementing rules and regulations “upon the directive of the President.”

Two days later, however, Marcos clarified that while lawyers were addressing implementing rules involving bank reserve requirements, the organization of the Maharlika Investment Corp. that will run the fund continued and was still scheduled to become operational later this year.