Nothing unusual in revised Maharlika rules – Marcos

CEO TALK President Marcos speaks at the Asia-Pacific Economic Cooperation (Apec) CEO Summit at the George Moscone Convention Center in San Francisco, California, on Wednesday, one of the side events of the Apec leaders’ meeting. (Photo by MARIANNE BERMUDEZ / Philippine Daily Inquirer)

SAN FRANCISCO — President Ferdinand Marcos Jr. on Saturday maintained that there was nothing unusual or disproportionate in the revisions to the implementing rules and regulations (IRR) of Republic Act No. 11954 that created the Maharlika Investment Fund.

“I’m a little surprised at the characterization of the changes that we made — which were not that many, by the way,” the president told reporters in a press briefing here on the last day at the Asia-Pacific Economic Cooperation Summit.

Marcos said there were six or seven major changes and they dealt with the powers and authorities of the board of directors of the Maharlika Investment Corp. (MIC) that will manage the fund.

The revised rules also gave the President freedom to accept or reject nominees to the MIC board, an advisory body to be composed of the finance, budget socioeconomic planning secretaries and the national treasurer.

The president said he preferred to let the board of directors decide as much as possible even with the choice of people, and the structure of the organization.

“As much as possible, on the day-to-day workings of the fund, we leave it to the board. We leave it to the managers,” Marcos said, reiterating that “I do not want political forces to interfere with financial decisions of the investment fund.”

The president did not specify what “political forces” he meant but stressed that the MIC was not any different from other government corporations, like the Land Bank of the Philippines and the Development Bank of the Philippines, which will provide the bulk of MIC’s capitalization.