Maharlika IRR implementation suspended pending further study, says DBP head

This was confirmed by DBP president and CEO Michael de Jesus to GMA News Online on Wednesday. "Memo directed the Treasurer to suspend implementation of the IRR pending further study," De Jesus said in a message. GMA News Online reached the Presidential Communications Office, the Office of the Executive Secretary and Finance Secretary Benjamin Diokno for comment on the matter but they have yet to respond as of posting time.

, a government-owned company that will manage the MIF — a pool of funds sourced from state-run financial institutions that will be invested in high-impact projects, real estate, as well as in financial instruments. Last month, De Jesus said the DBP remitted to the Bureau of Treasury its mandatory contribution for the initial capital of the MIF, which is the country’s very first sovereign wealth fund. “Yes, we remitted P25 to BTR today,” De Jesus had said.

Source: News Formal (newsformal.com)

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