Diokno: Finance chief to sit as an ex officio in Maharlika | ABS-CBN
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Diokno: Finance chief to sit as an ex officio in Maharlika
Diokno: Finance chief to sit as an ex officio in Maharlika
Job Manahan,
ABS-CBN News
Published Jul 18, 2023 04:11 PM PHT
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Updated Jul 18, 2023 04:32 PM PHT
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MANILA — The secretary of the Department of Finance is included in the board of directors in the Maharlika Investment Corporation, contrary to the statement of President Ferdinand Marcos, Jr.
MANILA — The secretary of the Department of Finance is included in the board of directors in the Maharlika Investment Corporation, contrary to the statement of President Ferdinand Marcos, Jr.
During his speech after the enactment of the Maharlika Investment Fund, Marcos said he does not want the president or the finance secretary to be part of the decision-making process to avoid politics.
During his speech after the enactment of the Maharlika Investment Fund, Marcos said he does not want the president or the finance secretary to be part of the decision-making process to avoid politics.
“Then, there was the Secretary of Finance, no. Because inevitably, if you put me or the Secretary of Finance in the decision-making loop, those decisions will be colored by political considerations and that must not be the case,” he said.
“Then, there was the Secretary of Finance, no. Because inevitably, if you put me or the Secretary of Finance in the decision-making loop, those decisions will be colored by political considerations and that must not be the case,” he said.
Finance Secretary Benjamin Diokno, meanwhile, told reporters after the signing that the finance chief is the chairman of Maharlika's board of directors.
Finance Secretary Benjamin Diokno, meanwhile, told reporters after the signing that the finance chief is the chairman of Maharlika's board of directors.
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"Secretary of Finance as chairman, tapos yung Presidente ng Landbank, Presidente ng DBP, tapos yung head ng committee ng magpapatakbo nito," Diokno said.
"Secretary of Finance as chairman, tapos yung Presidente ng Landbank, Presidente ng DBP, tapos yung head ng committee ng magpapatakbo nito," Diokno said.
"Si presidente, yung original version niyan, siya yung chairman ng fund. Pero ngayon, sinabi niya, tingnan nga namin yung best practices in other countries. Talagang Secretary of Finance ang chairman so ako yun," he added.
"Si presidente, yung original version niyan, siya yung chairman ng fund. Pero ngayon, sinabi niya, tingnan nga namin yung best practices in other countries. Talagang Secretary of Finance ang chairman so ako yun," he added.
Diokno's statement was backed by a document released by Malacañang. The law's overview showed the Maharlika Investment Corporation's board of directors, composed of 9 members, is chaired by the finance secretary.
Diokno's statement was backed by a document released by Malacañang. The law's overview showed the Maharlika Investment Corporation's board of directors, composed of 9 members, is chaired by the finance secretary.
The chief executive officer of the Maharlika Investment Corporation, the president and CEO of the Land Bank of the Philippines, president and CEO of the Development Bank and the Philippines, 2 regular directors, and 3 independent directors from the private sector would complete the 9-member-panel.
The chief executive officer of the Maharlika Investment Corporation, the president and CEO of the Land Bank of the Philippines, president and CEO of the Development Bank and the Philippines, 2 regular directors, and 3 independent directors from the private sector would complete the 9-member-panel.
Aside from the board of directors, there will be an advisory body composed of the budget secretary, socioeconomic planning secretary, and the national treasurer.
Aside from the board of directors, there will be an advisory body composed of the budget secretary, socioeconomic planning secretary, and the national treasurer.
It will also provide guidance to the board on matters concerning plans and projects of the Maharlika corporation.
It will also provide guidance to the board on matters concerning plans and projects of the Maharlika corporation.
The board is "mandated to adopt relevant and stringent financial reporting and audit systems to ensure transparency and accountability," based on the release.
The board is "mandated to adopt relevant and stringent financial reporting and audit systems to ensure transparency and accountability," based on the release.
ONLY AN EX-OFFICIO MEMBER
But in a separate statement to clarify the matter, Diokno said the finance chief would only serve as an ex-officio member of the board.
But in a separate statement to clarify the matter, Diokno said the finance chief would only serve as an ex-officio member of the board.
What the President meant, he said, was that the finance secretary usually chairs the sovereign wealth fund.
What the President meant, he said, was that the finance secretary usually chairs the sovereign wealth fund.
"The Secretary of Finance will only serve in an ex officio capacity and will not run the Fund. The independent chairperson of the 9-member Maharlika Investment Corporation, a non-politician, will manage the Fund," Diokno said.
"The Secretary of Finance will only serve in an ex officio capacity and will not run the Fund. The independent chairperson of the 9-member Maharlika Investment Corporation, a non-politician, will manage the Fund," Diokno said.
"The President was stating his preference that the sovereign investment fund should not be headed by him or his Finance secretary."
"The President was stating his preference that the sovereign investment fund should not be headed by him or his Finance secretary."
The Presidential Communications Office added that under the law, the finance secretary "will not run the fund."
The Presidential Communications Office added that under the law, the finance secretary "will not run the fund."
"The Secretary of Finance is merely the ex officio chairperson... It will be governed by the nine-member Maharlika Investment Corporation (MIC) chaired by an Independent Director," it read.
"The Secretary of Finance is merely the ex officio chairperson... It will be governed by the nine-member Maharlika Investment Corporation (MIC) chaired by an Independent Director," it read.
Marcos Jr signed the controversial measure despite opposition from several economists, including a former head of the National Economic and Development Authority.
Marcos Jr signed the controversial measure despite opposition from several economists, including a former head of the National Economic and Development Authority.
Read More:
Benjamin Diokno
Maharlika Investment Fund
President Ferdinand Marcos Jr
Marcos Jr presidency
Maharlika Investment Corporation
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