MANILA -- The Maharlika Investment Corp, which is tasked to manage the Philippines' first sovereign wealth fund, is expected to have a complete Board of Directors and President in November, the head of the Department of Budget and Management (DBM) said on Friday.

In an ambush interview at the DBM office in Manila, Budget Secretary Amenah Pangandaman said the government is still on track to implement the Maharlika Investment Fund Law even as President Ferdinand Marcos Jr. suspended the implementing rules and regulations (IRR) of the said law.

Pangandaman said the review of the IRR is still ongoing, but once it is finished, they will immediately submit the final version of it to Marcos.

• Marcos suspends implementation of Maharlika Fund

According to Pangandaman, they hope that by November, there will be a complete board and president of the Maharlika Investment Corporation (MIC).

“I think so, assuming matapos po yung IRR natin in say two weeks time, siguro po by the month of November hopefully will have a complete board and head of Maharlika. By December puwede na silang mag-organizational meeting, at least diba? So by January full blast na tayo,” Pangandaman said.

Pangandaman explained the delay saying, there are some provisions of the law that can be elaborated more in the IRR.

"Kasi some of the provisions, di ba pag may batas ka, minsan sa IRR mo siya puwedeng i-elaborate or kung paano mo ma-operationalize. Some of the provisions I think hindi nangyari doon sa IRR na sinubmit ng treasury two months ago. Nothing really serious also, its just that kailangan lang siguro malagay natin sa IRR para mas madali yung operationalization nung ating Maharlika,” Pangandaman said.

Pangandaman said she does not know if there are new applicants for the positions in the MIC.

“Wala po, the list we have already submitted it, wala pa po kaming update kung meron nang mga appointments as of now. Wala naman pong ganon,” Pangandaman said.

Pangandaman denied that one of the reasons the President suspended the IRR is the provision that does not give him the power to choose officials for the MIC.

“Parang hindi naman, I think even if siguro wala doon I think the President can still choose the members, directors and the CEO of Maharlika,” Pangandaman told the media.

The DBM chief also clarified that the President will choose MIC board of directors and its officials from the shortlist of applicants.

According to Pangandaman, there are already commitments from other countries to invest in the MIF.

“Anyway we have the commitments na of other countries like when we went to the Middle East, the same din sa Riyadh,” Pangandmana said.

President Marcos recently ordered the suspension of the implementation of the MIF pending further study of its implementing rules and regulations.

• Marcos says Maharlika Fund ‘operational by end of the year’ despite suspension

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