00:00 The Maharlika Investment Fund had to go through a little tweaking by way of its implementing
00:04 rules and regulations and an appointment of a board of directors chair to preside over
00:10 the administration and management of the fund, with the President of the Republic reserving
00:15 the right to replace anyone in the board when he sees fit.
00:20 So says the chief economist of the Rizal Commercial Banking Corporation, Michael Ricaforte, in
00:25 a chat with presenters of Bagong Pilipinas' noontime news show.
00:29 He says the updated IRR of the fund preserves the integrity of the fund and is sure to draw
00:36 more investors with ample safeguards built into the management of the fund.
00:41 Likewise, he finds nothing wrong with the President reserving the right to replace any
00:46 member of the board if he or she sees that does not perform rather according to their
00:51 mandated duties.
00:52 In addition, Ricaforte also hailed the people handpicked by the President to help manage
00:57 and administer the fund, such as Board Chair Rafael Consing, whose qualifications and
01:03 experience are without peer.
