Here’s why Marcos pushed for removal of president in Maharlika Fund board

President Ferdinand Marcos Jr.’s hopes for the Maharlika Investment Fund’s (MIF) success are so high, he personally pushed for additional safeguards to ensure it is run professionally.

Marcos on Thursday (June 22) shared that he asked lawmakers to drop the provision in the MIF bill including the Philippine president and Finance Secretary in the Maharlika Investment Corporation’s board of directors.

The Maharlika Investment Corporation will be in charge of managing the MIF.

“The key to the success of any fund, a hedge fund, pension fund, sovereign fund, investment fund is the management,” Marcos explained. “One of the first changes that even I proposed to the House was to remove the President as part of the board, to remove the Central Bank chairman, to remove the Department of Finance because it has to operate as an independent fund, well managed professionally.”

Marcos said he is looking forward to signing the bill into law, which he will do “as soon as I get it.”

”Am I happy? Well, that is the version that the House and the Senate has passed, and we will certainly look into all of the changes that have been made,” he said.

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