(UPDATE) PRESIDENT Ferdinand Marcos Jr. has suspended the implementation of the Maharlika Investment Fund (MIF), citing the need for further study, Malacañang said on Wednesday.

The President, through Executive Secretary Lucas Bersamin, issued a memorandum dated Oct. 12, 2023, directing the Bureau of the Treasury (BTr), Land Bank of the Philippines and Development Bank of the Philippines (DBP) to suspend the implementation of the implementing rules and regulations (IRR) of Republic Act 11954 or the “Maharlika Investment Fund (MIF) Act of 2023.”