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Philippines finalises rules for inaugural sovereign wealth fund

The Philippines has completed the implementing rules and regulations (IRR) for its first sovereign wealth fund, the Maharlika Investment Fund (MIF), following a brief suspension aimed at improving its structure. President Ferdinand R. Marcos, Jr. announced the finalisation, pending approval to establish the corporate structure. The suspension, ordered on October 12, followed initial funding contributions from the Land Bank of the Philippines and the Development Bank of the Philippines, totaling PHP75bn (USD1.3bn). Analysts and educators have called for clarity on the IRR revisions and emphasised the importance of the inaugural board's composition. Despite these developments, the administration aims to have the MIF operational by year-end, with Finance Secretary Benjamin E. Diokno promoting investment opportunities to global investors for high-impact infrastructure projects and ESG initiatives.


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