Marcos can appoint president of Maharlika Fund managing company —IRR

President Ferdinand "Bongbong" Marcos Jr. has the power to appoint the President and Chief Executive Officer (PCEO) of the Maharlika Investment Corporation (MIC).

Under Section 39 of the implementing rules and regulations of the Maharlika Investment Fund, it is indicated that the PCEO shall be appointed by the President of the Philippines, as recommended by the Advisory Body, for a term of three years, without prejudice to reappointment.

The PCEO shall direct and supervise the operations and internal administration of the MIC and shall be charged with the risk management, financial performance, human resources, accounting, and legal affairs of the MIC.

The PCEO is also mandated to develop the MIC's business prospects by studying the economic trends and revenue opportunities; projects acquisition and expansion prospects; and oversee financial performance and risk profiles while ensuring that all of regulatory obligations are met.

Further, the PCEO of the MIC shall serve as the vice chairperson of the Board of Directors, which will ensure that all allowable investments are in accordance with the principle of sustainability.

Last month Marcos signed into law the Maharlika Investment Fund, which will tap state assets for investment ventures to generate additional public funds.

Republic Act No. 11954 was signed despite apprehensions and concerns on the measure, with some lawmakers pointing out the MIF bill's "glaring errors and discrepancies" as well as its ambiguous provisions.

Earlier, the President said the MIF will be independent from the government and that it should not be linked to politics.

"Let us make sure that these are professionals. Let us make sure that the decisions that are being made for the fund are not political decisions that they are financial decisions because that is what the fund is," Marcos had said. — BM, GMA Integrated News