Manila, Nov 3 (IANS): The heads of Philippines' largest Muslim rebel group, Moro Islamic Liberation Front (MILF), will hold talks Monday to finalise the formation of a political party for the 2016 national election.

"We already completed our higher and middle structures. Now we will focus on membership," MILF chairman, Ibrahim Murad said at Camp Darapanan in Maguindanao province.

The new party was named United Bangsamoro Justice Party (UBJP) and the MILF declared that it would participate in the future regional and local elections.

"Our plan for the MILF organisation is to continue as a non-government organisation, focussing more on assisting the social and economic programmes of the government," he added.

Murad said their political party is open to all, including those who are not members of their organisation.

The MILF group was formed in the 1960s.

A peace agreement was signed between the Philippine government and the MILF leaders Jan 24.