Head Topics

Maharlika Fund advisory body says economic team to ‘prudently review line by line’ the IRR

  • 📰 CNN Philippines
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

Philippines Headlines News

Philippines Latest News,Philippines Headlines

The economic team will “work closely” with President Ferdinand Marcos Jr. for a thorough review of the previously approved implementing rules that set in motion the law that created the country's first sovereign wealth fund.

This is the response of Budget Secretary Amenah Pangandaman to the president's decision. The budget chief is a member of the three-man advisory body that vetted and prepared the shortlist of candidates who will make up the board of the Maharlika Investment Corporation , the wealth management company or fund manager behind the Maharlika fund.

Diokno, as chairman of the Maharlika Investment Corporation board, said he wants the fund operational before the year ends. "The economic team will work closely with the President to prudently review all provisions line by line and make sure that all things are in order," she continued."We will also take this opportunity to engage in more multi-stakeholder groundwork in preparation for the launch of the MIF."

The Landbank and the Development Bank of the Philippines earlier deposited billions of pesos in escrow with the Treasury as part of the Maharlika Fund seed money.

Source: Law Daily Report (lawdailyreport.net)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in PH

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Marcos orders suspension of Maharlika Investment Fund IRRThe memorandum suspending the IRR was addressed to the Bureau of Treasury and the CEOs of state-run Land Bank of the Philippines and the Development Bank of the Philippines.
Source: PhilstarNews - 🏆 1. / 94 Read more »

Nope, Maharlika fund IRR suspension isn’t due to banks’ concernsThe suspension of the Maharlika fund's implementation is another sign of an upcoming Cabinet shake-up, sources tell Rappler
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Maharlika IRR implementation suspended pending further study, says DBP headThe enforcement of the implementing rules and regulations of the Maharlika Investment Fund (MIF) was ordered suspended pending further study, the Development Bank of the Philippines said.
Source: gmanews - 🏆 11. / 68 Read more »

Marcos suspends Maharlika’s IRRSunStar Publishing Inc.
Source: sunstaronline - 🏆 18. / 59 Read more »

Marcos had good reasons to suspend Maharlika IRRA ranking member of the House of Representatives said that President Ferdinand Marcos Jr. had 'good reasons' to make sure that there are safeguards in the implementation of the Maharlika Investment Fund.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Bayan Muna, Pimentel file petition vs. Maharlika Investment FundA petition has been filed asking the Supreme Court to declare the Maharlika Investment Fund (MIF) of 2023 as unconstitutional and void.
Source: gmanews - 🏆 11. / 68 Read more »