Former President of Philippines suspends implementation of Investment Fund Law

(MENAFN) The office of Executive Secretary Lucas Bersamin announced that President Marcos has taken the step of suspending the implementation of the Investment Fund Law in the Philippines. This decision stems from the President's desire to thoroughly examine the associated rules and regulations governing the law's execution. The primary aim of this suspension is to ensure that the fund's objectives are aligned with the nation's development goals, with a strong emphasis on establishing mechanisms for transparency and accountability.

The move to suspend the law is substantiated by a memorandum dated October 12, signed by Executive Secretary Bersamin, which includes the President's directive to the treasurer and state banks to halt the law's implementation. The decision reflects the government's intention to scrutinize the operation of the Maharlika Investment Fund closely.

The Maharlika Investment Fund, as originally proposed, would be funded primarily by the national government, drawing resources from diverse sources, including the central bank, gaming revenue, and two state-owned banks. Notably, the initial plan outlined a fund of $4.9 billion, which was intended to be partly financed through state-run pensions designed for both government and private-sector workers. This particular aspect of the proposal had raised concerns among the public, with fears that the retirement savings of workers could potentially be jeopardized.

The suspension of the Investment Fund Law indicates a commitment to a careful and thorough examination of the legislation, with an emphasis on safeguarding the interests of all stakeholders, especially those who have vested interests in the state-run pensions and the fund's overall objectives. The decision underscores the importance of ensuring the law's alignment with the nation's economic development and financial integrity.

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