MANILA (UPDATE) – The government has already published the Implementing Rules and Regulations (IRR) of the P500-billion Maharlika Investment Fund's IRR which will take effect in 2 weeks' time, Finance Secretary Benjamin Diokno said on Tuesday.

In a statement, Diokno said the IRR will be effective on Sept. 12 this year, or fifteen days after publication.

"It’s been published in the Official Gazette yesterday," Diokno said in a statement.

The Finance chief added that the government is now looking for candidates who will lead the MIF.

"The search for the President and CEO (PCEO) of the Maharlika Investment Corporation, two regular directors, and three independent directors is on. The qualifications of the PCEO, the regular directors, and the independent directors are provided in Section 39, 22, and 26 of the IRR, respectively."

RELATED VIDEO

Watch more News on iWantTFC

Diokno added that the Advisory Body of the Maharlika Fund composed of Philippine economic managers met for the first time in Tokyo, Japan where they attended the Public-Private Partnerships and Maharlika fund session.

The session was held in the headquarters of the Japan International Cooperation Agency, Diokno said.

Diokno pushed for the creation of the MIF saying it can help the Philippine economy grow via strategic investments in infrastructure and other sectors.

Several prominent economists however have questioned the need for the fund, and said that it may do more harm than good.

Card

• 'So much distrust naman': Diokno defends Maharlika from UP economists
• Ex-BSP gov Medalla 'embarrassed' that top UP economics grad supported Maharlika