Marcos suspends Maharlika fund implementation — Palace

The President, through Executive Secretary Lucas Bersamin, issued a memorandum dated Oct.12, 2023, directing the Bureau of the Treasury, Land Bank of the Philippines, and Development Bank of the Philippines to suspend the implementation of the implementing rules and regulations of Republic Act 11954 or the Maharlika Investment Fund Act of 2023.'President Ferdinand R. Marcos Jr.

, 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.The MIF law provides that, along with the Finance secretary, the chief executive officers of Landbank and DBP would each have seats in the MIC board.As mandated, Landbank contributed P50 billion and DBP P25 billion to the MIF.

Source: News Formal (newsformal.com)

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 suspends Maharlika fund implementation, says it needs further review' directed the Treasurer to suspend implementation of the IRR, pending further study,' Developement Bank of the Philippines CEO Michael de Jesus tells Rappler on Wednesday, October 18
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Marcos Jr names air force general as new PSG head: PalacePresident Ferdinand Marcos, Jr. has appointed Philippine Air Force (PAF) Brig. General Jesus Nelson Morales as the new commander of his security detail.
Source: ABSCBNNews - 🏆 5. / 83 Read more »

PAF’s Morales is new PSG headPresident Marcos has named a new head of the Presidential Security Group, Malacañang announced yesterday.
Source: PhilstarNews - 🏆 1. / 94 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 flying to Saudi Arabia on October 19 for ASEAN-GCC SummitMarcos is expected to put a positive word on the Maharlika Investment Fund, and discuss with Gulf leaders how to further protect Filipino workers in the Middle East
Source: rapplerdotcom - 🏆 4. / 86 Read more »

What you need to know: Marcos’ trip to Riyadh for ASEAN-GCC SummitMarcos' agenda includes pitching the Maharlika fund, discussing migrant issues, and joining talks on how the ASEAN-GCC Summit could help curb rising fuel prices here at home
Source: rapplerdotcom - 🏆 4. / 86 Read more »