00:00 With a tweak here and there, the implementing rules and regulations of the Maharlika Investment Fund law
00:06 is looking more and more the measure it was envisioned to be.
00:10 Thus, this reshaped piece of legislation is gaining the needed traction in terms of support,
00:16 a development that's so very timely, as more and more investors are showing interest in it,
00:22 both here and abroad.
00:24 Kenneth Pacientes applies us the details.
00:28 After the Office of the President released the revised implementing rules and regulations
00:33 of the Maharlika Investment Fund or MIF,
00:35 it received support from various government officials including the Department of Finance.
00:40 According to Finance Secretary Benjamin Diokno,
00:42 the changes included in the revised IRR are legal and aimed to build a solid corporation management structure.
00:49 Diokno particularly emphasized the objective of the new IRR
00:53 to give freedom to the MIC's Board of Directors to build risk management bodies
00:57 while promoting the highest standards in fund management.
01:00 He added, "The finalization of the IRR is also timely,
01:04 as many local and international investors have shown interest in the MIF.
01:08 This is also a proof of the willingness of the current administration
01:12 which can promote the continuous growth of the country's economy."
01:15 Under the new IRR of MIF,
01:17 the advisory board is required to submit to the Office of the President a list of nominees for vacant positions,
01:23 a thing the President can accept or reject,
01:25 and then request an additional list of nominees.
01:28 According to Budget Secretary Amena Pangandaman,
01:30 this change will serve as the green light for the MIC Board
01:34 to exercise the freedom to perform its mandate and find investments that will benefit the country.
01:39 It will also strengthen accountability in the implementation of the provisions of the MIF.
01:44 The Secretary is confident the new IRR will be properly implemented
01:48 and that the Board of Directors of the MIC will perform their responsibilities well for the good of the country.
01:53 Meanwhile, Rosalia De Leon, who is a member of the BSP's Monetary Board
01:57 and part of the IRR Review Group,
01:59 said the qualification for some MIC positions have been removed
02:03 to allow the Board to determine the specific qualification of its officers to effectively manage the MIF.
02:09 She added that President Ferdinand R. Marcos, Jr. just wanted to refrain the Board from political influence
02:14 and give it leeway to set qualification the best way they know how
02:18 and based under their experience and expertise in handling the fund.
02:21 As to the Presidential Advisor for Investment and Economic Affairs,
02:25 the Board is only given the ability to select and determine the qualification of the Audit Committee
02:29 and Risk Management Committee of the MIC through the revised IRR.
02:34 It can be recalled that President Marcos, Jr. ordered the revision of the IRR of Republic Act 11954
02:40 or the proposed law promoting the establishment of the Maharlika Investment Fund
02:44 to guarantee transparency and ensure the proper implementation of its provision.
02:49 Earlier, President Ferdinand R. Marcos, Jr. appointed Rafael Consing, Jr.
02:53 as President and CEO of the Maharlika Investment Corporation or MIC.
02:58 Consing, Jr. is the current Executive Director of the Office of the Presidential Advisor for Investment and Economic Affairs.
03:04 According to PCO, Consing is expected to further strengthen the MIC's strategies
03:09 to contribute to economic growth and prosperity of the country.
03:12 As PCEO, Consing's responsibility includes the establishment of a portfolio
03:17 of investment, whether local or international, that is in accordance with the objective of the sovereign fund,
03:23 as well as managing contributions to the MIF and aiming to increase income of investment for development goals.
03:30 He is also tasked to strengthen the capacity of individuals in the finance industry
03:34 and implement the proper management of assets anchored in international standards.
03:39 Consing graduated from De La Salle University and completed the Stanford University Graduate School of Business Emerging CFO,
03:46 Strategic Financial Leadership Program in 2016.
03:49 Before he sustained in government, Consing also held high positions in private corporations.
03:55 Kenneth Pachente for Indonesian.
