ADVERTISEMENT
Manila Bulletin devider Business devider President's power boosted in Maharlika key manager selection

President's power boosted in Maharlika key manager selection

Published Nov 11, 2023 06:07 am

At A Glance

  • The President has gained more flexibility in selecting the key manager for the Maharlika Investment Corp. (MIC).<br>Requirements for the president and chief executive officer (PCEO) have been relaxed.<br>The President now has the power to reject nominees for regular and independent directors and the PCEO submitted by the Advisory Body.<br>of the Bureau of the Treasury.<br>The new implementing rules and regulations (IRR) also allow the President to request additional nominee names.<br>The qualifications for the PCEO position have been streamlined, reducing them from five to four. The requirement of holding an advanced degree in specific fields has been eliminated.<br>The provision for reappointment of the PCEO after completing the three-year term has been removed.<br>Directors, including the PCEO, can remain in office until their successors are appointed or unless they are removed or resign.<br>The provision for potential reappointment of the chief investment and operating officer of MIC has been removed.<br>The provision for appointing a corporate secretary has been eliminated.<br>Additional qualifications for regular and independent directors have been removed.<br>The creation of the corporate governance committee and remuneration committee has been eliminated.

The President now has more flexibility in choosing the key manager for the Maharlika Investment Corp. (MIC), while some of the requirements for the president and chief executive officer (PCEO) have been relaxed.

The revised rules of the Maharlika Investment Fund (MIF) act now grant the President the power to reject the nominees for regular and independent directors, as well as the PCEO, that are submitted by the governing body responsible for the selection process.

The original implementing rules and regulations (IRR) of the law required the MIC's Advisory Body to submit the list of nominees to the Office of the President within 30 days of a vacancy.

However, the new IRR includes an additional provision under Section 30. It now states that the President has the power to accept or reject the recommendation of the Advisory Body. Furthermore, the President can also request the Body to provide additional names of nominees.

The Advisory Body is composed of the Secretaries of the Department of Budget and Management, the National Economic and Development Authority, and the head of the Bureau of the Treasury.

The application and nomination period for the MIC officially concluded last Sept. 27, and Manila Bulletin sources indicated that there are no plans to reopen it despite the revisions made to the IRR.

The Advisory Body submitted a list of 13 candidates for the positions of PCEO, regular directors, and independent directors to Malacañang last Oct. 3.

Meanwhile, the updated IRR has also streamlined the qualifications for the PCEO position by reducing them from five to four.

Specifically, the IRR has eliminated the requirement of holding an advanced degree (such as an MBA, MA, MSc, or PhD) in Finance, Economics, Business Administration, or a related field from a reputable university in order to be eligible for the PCEO position.

Another significant revision is the elimination of the provision allowing for the reappointment of the PCEO after completing the three-year term. 

The original IRR included the phrase "without prejudice to reappointment," but this has been removed in the new rules.

However, the directors of the MIC, including the PCEO, can continue hold office until their successors are appointed, unless they are removed or resign, the new IRR stated.

The provision for the potential reappointment of the chief investment and operating officer of MIC, to be chosen by the Board of Directors, has also been removed.

Meanwhile, the new IRR no longer includes the provision for appointing a corporate secretary, and it has also removed the additional qualifications for regular and independent directors. 

Additionally, the creation of the corporate governance committee and remuneration committee has been eliminated in the revised IRR.

Related Tags

sovereign fund Maharlika Investment Corp. (MIC) President Marcos
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.