President Ferdinand R. Marcos Jr. dismissed claims that any rules were relaxed in favor of newly appointed Maharlika Investment Corp. (MIC) president and CEO Rafael Consing.
Speaking after his participation in the Asia-Pacific Economic Cooperation Summit in San Francisco, California, Marcos emphasized that there were no relaxations but rather tightened measures, asserting, “Why relaxed? I don’t know where we relaxed anything. Quite the contrary, hinigpitan natin (we tightened it).”
Marcos clarified that changes were implemented to the powers of the Advisory Board to safeguard against political interference in the financial decisions of the Maharlika Investment Fund (MIF).
These amendments, according to Marcos, were enacted to maintain the government’s “controlling interest,” ensuring that certain powers and authorities remained with the government side.
Explaining the rationale behind the amendments, Marcos drew an analogy to corporate structures, saying: “Well, we hold the controlling interest, we are government. It’s like think of a corporation, ‘yung pinakamalaking kapital (the biggest capital), the one with the largest capital interest is the one that has the most votes. So, that’s what happens. Ganoon lang naman kasimple ‘yan (It’s that simple). It’s not really an unusual arrangement. It’s a perfectly proportional arrangement.”
The revised implementing rules and regulations (IRR) of Republic Act (RA) 11954, also known as the MIF Act of 2023, introduced various amendments, particularly in the provisions concerning the appointment of MIC’s board of directors.
The new IRR stipulates that the advisory board must submit the list of nominees for vacant regular and independent director and president and CEO positions to the Office of the President within 30 days of the vacancy.
The President, as outlined in the revised IRR, has the authority to either accept or reject the Advisory Body’s recommendations and may request additional nominees.
Consing said the revisions in the IRR were not intended to favor him but rather to align the rules with the provisions of the MIF law. (PNA)