MANILA, Philippines — The executive board of the country’s first sovereign wealth fund have identified investment sectors to tap as Maharlika Investment Corp. (MIC) held its first board meeting since its creation.
Officials of the MIC kicked off the new year with its first board meeting to tackle fund capitalization, identifying sectors to tap, and creating committees for investments.
The MIC is responsible for mobilizing and utilizing the Maharlika Investment Fund (MIF) for investments in transactions aimed at generating optimal returns.
As the corporation starts the ball rolling, MIC president and CEO Rafael Consing Jr. presented several sectors that may potentially be tapped to achieve multi-generational commercial, economic, and social development value creation.
These include infrastructure, oil, gas, and power, agroforestry industrial urbanization, mineral processing, tourism, transportation, and aerospace and aviation.
Consing said the investment body has committed to operate with utmost openness, ensuring public trust through consistent communication and rigorous accountability.
This, as the board approved the capitalization scheme amounting to P125 billion.
“We aim to be not just stewards of wealth, but architects of inclusive growth, bridging the gap between economic promise and tangible prosperity for Filipinos,” Consing said.
MIC chair and Finance Secretary Benjamin Diokno maintained that the board would work together in mobilizing greater investments in the country’s growth-enhancing sectors while upholding the highest standards of accountability, fiscal responsibility, and good governance.
Apart from Diokno and Consing, other members of the board include Land Bank of the Philippines president and CEO Lynette Ortiz and Development Bank of the Philippines president and CEO Michael de Jesus.
Likewise, the first board meeting also assigned the head of various committees divided among the four MIC directors.
These include Vicky Castillo Tan (Risk Management and Nomination and Remuneration Committees), Andrew Jerome Gan (Investment Committee), German Lichauco (Corporate Governance and Ethics and Related Party Transactions Committees), and Roman Felipe Reyes (Audit Committee).
The board also approved the appointment of the Bureau of the Treasury as the interim fund manager of the MIC.
Also present during the meeting is the fund’s advisory body, which is composed of the Secretary of the Department of Budget and Management (DBM) represented by Undersecretary Leo Angelo Larcia and National Treasurer Sharon Almanza.
The advisory body is tasked to guide the MIC Board in the formulation of general policies related to investment and risk management.
The next MIC Board meeting is scheduled to convene in the fourth week of January.