Marcos says Maharlika not on hold, will be operational before yearend

President Ferdinand Marcos Jr. on Thursday said the Maharlika Investment Fund will be operational before the year ends despite his recent order to suspend its implementation.

The President said people should not misinterpret the suspension of MIF and pass judgment on its “rightness or wrongness.” He also advised the Land Bank and Development Bank of the Philippines to take back the funds for the MIF which they put in the National Treasury. Ricafort said the review could be a balancing act on sound banking regulation. Most importantly, Ricafort said the review might be needed for fine-tuning “since it was rushed.”For his part, Security Bank Corp. economist Robert Dan Roces said as with any financial institution, risks don’t disappear even if regulatory relief is granted.

“In principle, we can provide forbearance…,” Remolona said, as he confirmed that the two state-owned bnaks sought regulatory relief.

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