DOF: Crafting of Maharlika bill’s IRR in final phase

“The crafting of the IRR started right after the approval of the MIF bill. It’s now in its final phase,” Diokno told reporters in a Viber message. (File Photo: Bangko Sentral ng Pilipinas/Facebook)

MANILA — Finance Secretary Benjamin Diokno on Friday said the crafting of the implementing rules and regulations (IRR) of the bill creating the Maharlika Investment Fund (MIF) is expected to be completed soon.

“The crafting of the IRR started right after the approval of the MIF bill. It’s now in its final phase,” Diokno told reporters in a Viber message.

The MIF bill, earlier certified urgent by President Ferdinand R. Marcos Jr., seeks to establish a sovereign wealth fund that will be used to invest in a wide range of assets.

It will establish the Maharlika Investment Corporation (MIC) that will act as the “sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments (ROIs).”

“Section 54 of the MIF bill provides: IRR — within ninety (90) days from the effectivity of this Act, the Treasurer of the Philippines, in consultation with the founding GFIs (government financial institutions), shall promulgate the necessary rules and regulations for the implementation of this Act,” Diokno said.

“We don’t intend to use up the 90 days,” he added.

Earlier this week, Speaker Martin Romualdez and House Secretary General Reginald Velasco signed the bill creating the MIF.

President Marcos is expected to sign the bill later this month.