Speaker supports autonomy of Maharlika Investment Corp board of directors

House Speaker Martin Romualdez FILE PHOTO

MANILA, Philippines — House Speaker Ferdinand Martin Romualdez on Sunday expressed support for the autonomy of the Maharlika Investment Corporation (MIC) board of directors.

This, according to him, will allow “more objective and effective decision-making” in the management of the Maharlika Investment Fund (MIF).

“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,” the statement read.

“By ensuring the Board’s independence, the President demonstrates a strong commitment to good governance practices, which will foster investor confidence and attract more investment to our country,” it added.

Romualdez noted that the independent management of MIF will also result in a “more robust and stable economy,” which could produce more job opportunities, improve public services, and lead to a higher standard of living.

If managed independently and efficiently, the MIF can “significantly contribute to the nation’s socioeconomic development, aligning with the government’s broader goals,” Romualdez added.

READ: Marcos gets more say on Maharlika managers

The revised implementing rules and regulations of the MIF, released on Saturday, expanded Marcos’ power to choose the members of the MIC board.

READ: Maharlika fund IRR finalized – President Marcos

The president now has the authority to “either accept or reject” nominees to the board of directors of the MIC submitted by the advisory body.

In a press release from the Presidential Communications Office released the same day, Marcos guaranteed that members of the MIC will exercise independence in managing the MIF.