MANILA, Philippines — House Deputy Minority Leader and ACT Teachers Rep. France Castro on Sunday expressed alarm over the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF).
According to Castro, the revised MIF IRR lessens the specific responsibilities of the audit and risk management committees and decreases the educational and professional experience requirements for top positions within the fund company.
The revisions grant the board of directors more power and independence; however, the lawmaker said that they also “give rise to concerns regarding accountability and transparency.”
“The removal of crucial safeguards and qualifications in the revised IRR raises doubts about the potential for political interference and the absence of checks and balances,” Castro said.
“The President’s increased authority to select the board of directors further raises questions about the independence and integrity of the fund and poses a danger to people’s funds,” she added.
Castro then urged the government to clarify how the IRR revisions will enhance the autonomy and accountability of the MIF.
“The Filipino people deserve transparency, accountability, and the protection of their hard-earned funds. Our position stands that the Maharlika Investment Fund law should be junked but we will still vigilantly monitor the developments surrounding the Maharlika Fund and advocate for the best interests of the people,” said Castro.