Andrea Taguines, ABS-CBN News
Posted at Oct 25 2023 01:55 PM
The selection and appointment process for members of the Maharlika Investment Corporation (MIC), which will manage the Philippines’ first sovereign wealth fund, needs to be clarified further, said National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Wednesday.
In an interview at the sidelines of the 2023 Arangkada Forum in Pasay City, Balisacan said this is one aspect in which the implementing rules and regulations of the Maharlika Investment Fund (MIF) law can be improved to manage investor expectations.
“The process, for example, of selecting, appointing— I think we have to be clearer, transparent what that process would entail because those are not indicated in the law,” he said.
“I think the President just wants more elaboration on this so that expectations would be clearer,” added Balisacan.
Balisacan is part of the advisory body tasked to screen applicants and nominees for the top positions of the MIC.
His statement comes a week after President Ferdinand Marcos Jr. suspended the implementation of the MIF pending a more thorough review of the IRR.
According to Executive Secretary Lucas Bersamin, Marcos wanted to study it carefully “to ensure that the purpose of the fund will be realized for the country’s development with safeguards in place for transparency and accountability.”
Balisacan also noted how quick the IRR was drafted.
“Mabilis kasi ‘yon e, yung IRR diba (The IRR was drafted quickly, right?)? Many laws take many months to even come up with an IRR because ang dami-daming issues na you have to resolve,” he said.
But asked about what other changes could be made to the IRR, Balisacan said it is too early to tell.
“It’s still evolving because they are still waiting for inputs from other agencies so it’s too early to say what those changes are,” he said.
Despite the pause, Balisacan believes the MIF can still be operationalized by the end of the year as initially projected.
“The amendments should be easy to do. We just have to get the views and perspectives of the various stakeholders, particularly the agencies concerned, to ensure that the implementation of the law will be smooth,” he said.
Source: https://news.abs-cbn.com/business/10/25/23/clearer-selection-process-for-maharlika-managers-sought