THE President has been granted the authority, under the revised Implementing Rules and Regulations of the Maharlika Investment Fund Act, to accept or reject nominees for key positions.Under Section 30 of the revised IRR, “the President may either accept or reject the recommendation of the Advisory Board: and, provided, finally, that, the President may require the Advisory Body to submit additional names of nominees.
In a statement, Monetary Board Member and former Treasurer of the Philippines Rosalia De Leon said the qualifications were removed to give more independence to the Board in determining the specific qualifications of the other officers of the MIC in order to carry out its mandate to efficiently manage the MIF.
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