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Advocates Philippines
President Marcos Suspends Maharlika Fund Implementation
Photo credit: PCO
President Ferdinand R. Marcos Jr. ordered the suspension of the implementing rules and regulations (IRR) of Republic Act 11954, also known as the Maharlika Investment Fund Act of 2023. The Office of the Executive Secretary (OES) confirmed this decision on Wednesday, October 18, 2023.
The President issued the suspension to allow for a comprehensive study of the IRR. In its Memorandum, the OES said that the primary objective of the suspension is to ensure that the fund's intended purpose, aimed at fostering the country's development, is carried out with safeguards in place to guarantee transparency and accountability.
The memorandum addressed to Officer-in-Charge Sharon P. Almanza of the Bureau of the Treasury (BT), Ms. Lynette V. Ortiz, President and Chief Executive Officer of the Land Bank of the Philippines (LBP), and Mr. Michael O. De Jesus, President and Chief Executive Officer of the Development Bank of the Philippines (DBP), clearly outlines the directive for the suspension of the IRR of Republic Act 11954. The memorandum is dated October 12, 2023.
The memorandum, in reference to the IRR of Republic Act 11954, instructs the Treasurer of the Philippines, in coordination with the Land Bank of the Philippines and the Development Bank of the Philippines, to immediately suspend the implementation of the IRR of Republic Act 11954. This suspension is to remain in effect pending further study of the IRR.
The directive also calls for notifying all concerned heads of departments, bureaus, offices, and other agencies within the executive department, including Government-Owned and Controlled Corporations (GOCCs), of this action.
The President issued the suspension to allow for a comprehensive study of the IRR. In its Memorandum, the OES said that the primary objective of the suspension is to ensure that the fund's intended purpose, aimed at fostering the country's development, is carried out with safeguards in place to guarantee transparency and accountability.
The memorandum addressed to Officer-in-Charge Sharon P. Almanza of the Bureau of the Treasury (BT), Ms. Lynette V. Ortiz, President and Chief Executive Officer of the Land Bank of the Philippines (LBP), and Mr. Michael O. De Jesus, President and Chief Executive Officer of the Development Bank of the Philippines (DBP), clearly outlines the directive for the suspension of the IRR of Republic Act 11954. The memorandum is dated October 12, 2023.
The memorandum, in reference to the IRR of Republic Act 11954, instructs the Treasurer of the Philippines, in coordination with the Land Bank of the Philippines and the Development Bank of the Philippines, to immediately suspend the implementation of the IRR of Republic Act 11954. This suspension is to remain in effect pending further study of the IRR.
The directive also calls for notifying all concerned heads of departments, bureaus, offices, and other agencies within the executive department, including Government-Owned and Controlled Corporations (GOCCs), of this action.
Oct 18, 2023
