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MIF rules in place ahead of FMJ nod
By Nidz Godino
Finance Secretary Benjamin Diokno
"It's now in its final phase," , Finance Secretary Benjamin Diokno said crafting of implementing rules and regulations (IRR) of Maharlika Investment Fund is now in final stage even as President Ferdinand Marcos Jr. has yet to sign MIF bill into law as government hurries to operate Philippines' first sovereign wealth fund.
Diokno said IRR for MIF is ready even as final version of bill has just been transmitted to Office of the President this week.
Sought for clarification, Diokno told reporters " crafting of IRR started right after approval of MIF bill."
Congress approved creation of MIF in May. Critics are set to challenge it before Supreme Court.
Under the bill, IRR of the law should be promulgated by national treasurer and founding government financial institutions within 90 days from law's effectivity.
"We don't intend to use up 90 days," Diokno said.
Finance Undersecretary Maria Luwalhati Dorotan-Tiuseco said crafting of IRR was done in anticipation of signing of MIF and would not be released until signing of the law.
Legal expert said draft IRR is allowable as long as nothing is being enforced or implemented using IRR as basis.
Diokno said the President may sign MIF "in a week or two."
Earlier, Diokno anticipated MIF would be signed before second State of the Nation Address of the President.
FMJ has said he would sign bill as soon as he gets it.
"It requires review and complete staff work... It's now being circulated," Diokno said.
He reiterated fund would be operational before year ends…already, economic team is in search of people to lead Maharlika Investment Corp.
"It is my responsibility to make it succeed and I am very optimistic…we have array of projects with high rate of return and that has gone through studies," Diokno said.
MIF aims to execute and sustain high-impact infrastructure and development projects, ease fiscal constraints, and maximize expected returns for country's investments.
Fund targets to invest funds available in government instrumentalities and utilize them for investment purposes on basis of their individual mandates.
Economic team has said success of MIF would allow country to move away from its reliance on foreign and domestic loans to fund annual budgetary requirements.
It noted investing in Maharlika can allow government financial institutions to obtain medium to long-term returns higher than their 10-year average return.
Based on final version of bill, initial capitalization will consist of P50 billion from Land Bank of the Philippines and P25 billion from Development Bank of the Philippines.
Expected return of Maharlika is estimated to be around 8.6 percent on average, above Landbank's 4.23 percent and DBP's 3.59 percent.
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