The chairman of the House Committee on Banks and Financial Intermediaries has welcomed the final implementing rules and regulations (IRR) for the much-awaited Maharlika Investment Fund (MIF), directed at bolstering the independence of the corporation’s governing body.
Manila 5th District Rep. Irwin Tieng said the enhanced provisions, aimed at fortifying the autonomy and governance of the Maharlika Investment Corporation’s (MIC) Board of Directors, marked “a pivotal milestone in the Philippine financial landscape.”
“We are delighted to witness the culmination of efforts to fortify the MIC through enacting comprehensive and empowering rules,” Tieng, sponsor of the MIF bill in the House of Representatives, said. “The strengthened independence of the Board of Directors is fundamental in ensuring prudent and effective decision-making, safeguarding the corporation’s integrity and promoting financial stability.”
According to Tieng, the new IRR signifies a crucial step in advancing the governance framework of the MIF, laying the groundwork for enhanced transparency, accountability, and sound decision-making.
“This move aligns with the ongoing commitment to foster a resilient and progressive financial environment, reinforcing trust and confidence among stakeholders and investors,” Tieng pointed out.
Tieng expressed his gratitude to President Ferdinand R. Marcos Jr. and to all stakeholders, regulatory bodies, and industry experts whose collective expertise and dedication contributed to the formulation of these meticulous regulations.
He expressed optimism in the positive impact of these regulations, anticipating a bolstering of the financial landscape, economic growth, and investment prospects in the Philippines.
Tieng, meanwhile, emphasized the significance of continuous vigilance and adaptability to navigate the ever-evolving financial landscape.
“Sustained collaboration and dedication are key to maintaining the integrity and stability of financial institutions, ultimately for the well-being of the Filipino populace,” Tieng stressed.
“This highlights the need for consistent efforts in safeguarding financial systems and ensuring they serve the people effectively,” he added.