SANGLEY POINT — President Ferdinand Marcos Jr. on Monday said that the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) has been finalized.

This will lead to the resumption of implementation of the law creating the investment fund that was put on hold last month.

"Upon our approval, we will swiftly establish the corporate structure, getting the MIF up and running," the President said in a statement posted on his social media accounts.

Among those who met with Marcos in Malacañang prior to the announcement was Wick Veloso, chief of the Government Service Insurance System (GSIS).

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Palace officials have yet to confirm if Veloso or another official has been named as the head of the board that would govern the MIF.

The IRR of the Philippines' first sovereign fund was supposed to take effect in September but Malacañang suspended its implementation “for further study” in October.

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The Palace said then that the MIF had to be put on hold as the President wanted to “ensure that the purpose of the fund will be realized for the country's development with safeguards in place for transparency and accountability.”

The Maharlika fund, which critics said is risky, could lead to corruption and is not the best use of limited government funds, is subject to a petition at the Supreme Court questioning its legality.

Petitioners Senate Minority Leader Aquilino "Koko" Pimentel III, Bayan Muna Chairman Neri Colmenares, and former Bayan Muna Representatives Carlos Zarate and Ferdinand Gaite say the law did not go through the proper legislative process.

• No TRO vs Maharlika fund; Supreme Court instead orders gov't to comment on petition