MANILA, Philippines — President Ferdinand Marcos Jr. has stopped the rapid push to bring to life the Maharlika Investment Fund (MIF) this year, directing the key people concerned to stand down and further study the plan.

In a memorandum dated Oct. 12 and addressed to the heads of the Bureau of the Treasury, Land Bank of the Philippines, and Development Bank of the Philippines (DBP), Executive Secretary Lucas Bersamin said that “upon the directive of the President, the Treasurer of the Philippines, in coordination with [Landbank] and DBP, is hereby directed to suspend the implementation of the IRR (implementing rules and regulations)” of the law that created the MIF.

According to Bersamin, the suspension stands “pending the further study” of the IRR.

The Treasurer and the chief executive officers of Landbank and DBP were also told to notify “all concerned heads of departments, bureaus, offices and other agencies.” Bersamin did not elaborate.