Palace suspends IRR of Maharlika Fund

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Malacañang has suspended the implementation of the implementing rules and regulation (IRR) of Republic No. 11954 or the Maharlika Investment Fund. 

In a memorandum issued last Thursday, Executive Secretary Lucas P. Bersamin directed the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) to defer the rollout of the IRR pending further study of its provisions. 

He also instructed LBP and DBP to notify all concerned heads of departments, bureaus, and other agencies of the executive department including government-owned and controlled corporations about the said development. 

As of press time, the Palace has yet to release the cause of why it initiated the review. 

The Bureau of Treasury issued the IRR of RA 11954 last August 28 for implementation of the MIF, while both LBP and DBP are undergoing a merger, which is expected to be completed by the first half of 2024. 

Earlier this month, several incumbent and former lawmakers filed a case before the Supreme Court seeking to declare unconstitutional the said legislation.