By Brian Jules Campued
The Maharlika Investment Corp. (MIC) discussed the fund capitalization and potential sectors for investment during its inaugural board meeting on Wednesday.
According to a statement by the Presidential Communications Office (PCO), the Board tackled which sectors to focus on to “achieve multigenerational commercial, economic, and social development value creation.”
MIC President and chief executive officer (PCEO) Rafael Consing, Jr. said that infrastructure, oil, gas, power, tourism, and transportation are some of such sectors that may be tapped for the Maharlika Investment Fund (MIF).
“The Board approved the presented Capitalization Scheme of the MIC amounting to PHP 125 billion,” the Department of Finance (DOF) said in its press release.
The MIC Board, which serves as the governing body for the Maharlika Investment Fund, also nominated chairpersons for various committees.
Development Bank of the Philippines (DBP) Directors Roman Felipe Reyes and Vicky Castillo Tan were nominated as the heads of the Audit Committee and Risk Management Committee, respectively. Additionally, Tan was also approved to head the Nomination and Remuneration Committee.
Meanwhile, Consing, who is also the head of the Executive Committee, recommended DBP Director Andrew Jerome Gan to lead the Investment Committee. Another DBP Director, German Lichauco II, will spearhead the Corporate Governance and Ethics as well as Related Party Transactions Committees.
The meeting was attended by the DOF Secretary Benjamin Diokno, who also sits as chairperson in an ex-officio capacity along with Consing, the vice chair.
Department of Budget and Management (DBM) Undersecretary Leo Angelo Larcia and Bureau of Treasury (BTr) Treasurer Sharon Almanza, which composes the Fund’s Advisory Body, were also present.
Created under the Republic Act No. 11954, the MIC is tasked to mobilize and utilize the Philippines’ first sovereign wealth fund for “investments in transactions aimed at generating optimal returns on investments.”
These investments will be used in the continuous implementation of infrastructure projects amounting to about P8.7 trillion.
Consing noted that the investment body is committed to involving the public in its goal to ensure prosperity for the Filipino people.
“For the Philippines to truly flourish, the fruits of our endeavors must nourish every corner of the nation. We aim to be not just stewards of wealth, but architects of inclusive growth, bridging the gap between economic promise and tangible prosperity for all Filipinos,” he added. – avds