The President, through Executive Secretary Lucas Bersamin, issued a memorandum order dated October 12, 2023, directing the Bureau of the Treasury, Land Bank of the Philippines, and Development Bank of the Philippines to suspend the implementation of the implementing rules and regulations of Republic Act No. 11954 or the “Maharlika Investment Fund Act of 2023.”

The I.R.R., a prelude to the M.I.F.’s operationalization, was released in August.

“It would be better if President Marcos Jr. just scrapped the whole Maharlika law rather than just suspend it,” ACT Teachers Rep. France Castro said.

Under the law, Landbank will contribute P50 billion and DBP P25 billion to the MIF.