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Diokno: Finance chief to sit as an ex officio in Maharlika

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Job Manahan, ABS-CBN News 

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Finance Secretary Benjamin E. Diokno attends a sectoral meeting presided by President Ferdinand Marcos, Jr. at the Malacañang Palace in Manila on July 4, 2023. Jonathan Cellona, ABS-CBN News/ PPA pool" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/07/18/20230704-marcos-sectoral-meeting-jc0007.jpg"/><figcaption>Finance Secretary Benjamin E. Diokno attends a sectoral meeting presided by President Ferdinand Marcos, Jr. at the Malacañang Palace in Manila on July 4, 2023. Jonathan Cellona, ABS-CBN News/ PPA pool</figcaption></figure></div>MANILA — The secretary of the Department of Finance is included in the board of directors in the Maharlika Investment Corporation, contrary to the statement of President Ferdinand Marcos, Jr. During his speech after the enactment of the Maharlika Investment Fund, Marcos said he does not want the president or the finance secretary to be part of the decision-making process to avoid politics.“Then, there was the Secretary of Finance, no. Because inevitably, if you put me or the Secretary of Finance in the decision-making loop, those decisions will be colored by political considerations and that must not be the case,” he said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/07/18/23/marcos-jr-signs-maharlika-investment-fund-into-law">Marcos Jr. signs Maharlika Investment Fund into law</a></li>	<li><a href="https://news.abs-cbn.com/business/07/18/23/dof-eyes-finalizing-maharlika-irr-by-september">DOF eyes finalizing Maharlika IRR by September</a></li>	<li><a href="https://news.abs-cbn.com/spotlight/06/03/23/the-maharlika-investment-fund-as-approved-by-congress">EXPLAINER: The Maharlika Investment Fund, as approved by Congress</a></li></ul>Finance Secretary Benjamin Diokno, meanwhile, told reporters after the signing that the finance chief is the chairman of Maharlika&#x27;s board of directors. &quot;Secretary of Finance as chairman, tapos yung Presidente ng Landbank, Presidente ng DBP, tapos yung head ng committee ng magpapatakbo nito,&quot; Diokno said. &quot;Si presidente, yung original version niyan, siya yung chairman ng fund. Pero ngayon, sinabi niya, tingnan nga namin yung best practices in other countries. Talagang Secretary of Finance ang chairman so ako yun,&quot; he added.Diokno&#x27;s statement was backed by a document released by Malacañang. The law&#x27;s overview showed the Maharlika Investment Corporation&#x27;s board of directors, composed of 9 members, is chaired by the finance secretary. The chief executive officer of the Maharlika Investment Corporation, the president and CEO of the Land Bank of the Philippines, president and CEO of the Development Bank and the Philippines, 2 regular directors, and 3 independent directors from the private sector would complete the 9-member-panel. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/24/23/treasury-maharlika-wont-use-funds-for-social-services">Treasury says Maharlika won’t use funds for govt&#x27;s social programs</a></li></ul>Aside from the board of directors, there will be an advisory body composed of the budget secretary, socioeconomic planning secretary, and the national treasurer. It will also provide guidance to the board on matters concerning plans and projects of the Maharlika corporation.The board is &quot;mandated to adopt relevant and stringent financial reporting and audit systems to ensure transparency and accountability,&quot; based on the release.<div>ONLY AN EX-OFFICIO MEMBER</div>But in a separate statement to clarify the matter, Diokno said the finance chief would only serve as an ex-officio member of the board. What the President meant, he said, was that the finance secretary usually chairs the sovereign wealth fund.&quot;The Secretary of Finance will only serve in an ex officio capacity and will not run the Fund. The independent chairperson of the 9-member Maharlika Investment Corporation, a non-politician, will manage the Fund,&quot; Diokno said.&quot;The President was stating his preference that the sovereign investment fund should not be headed by him or his Finance secretary.&quot; The Presidential Communications Office added that under the law, the finance secretary &quot;will not run the fund.&quot; &quot;The Secretary of Finance is merely the ex officio chairperson... It will be governed by the nine-member Maharlika Investment Corporation (MIC) chaired by an Independent Director,&quot; it read.Marcos Jr signed the controversial measure despite opposition from several economists, including a former head of the National Economic and Development Authority.<figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2724767" width="100%"></iframe></figure><div class="iwantbar">Video from PTV</div>

'The Secretary of Finance will only serve in an ex officio capacity and will not run the Fund,' said Diokno. 

Diokno: Finance chief to sit as an ex officio in Maharlika

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Diokno: Finance chief to sit as an ex officio in Maharlika

Job Manahan,

ABS-CBN News

Published Jul 18, 2023 04:11 PM PHT

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Updated Jul 18, 2023 04:32 PM PHT

Read More:

Benjamin Diokno

Maharlika Investment Fund

President Ferdinand Marcos Jr

Marcos Jr presidency

Maharlika Investment Corporation

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