By Ruth Abbey Gita-Carlos

FIRST MEETING. The Maharlika Investment Corporation Board holds its inaugural meeting on Wednesday (Jan. 3, 2024). During the meeting, Board members discussed fund capitalization and potential sectors to tap to achieve multigenerational commercial, economic, and social development value creation. (Photo courtesy of the Department of Finance)

MANILA – The Maharlika Investment Corporation (MIC) Board, which serves as the governing body of the Maharlika Investment Fund (MIF), held its inaugural meeting on Wednesday.

In a statement posted on the Presidential Communications Office, the MIC Board discussed the fund capitalization and potential sectors to tap to achieve multigenerational commercial, economic, and social development value creation.

“It likewise nominated Chairpersons for Board Committees, created additional Committees, and tackled other administrative matters,” the statement read.

Finance Secretary Benjamin Diokno, who concurrently sits as MIC Board chairperson in an ex officio capacity, attended the meeting, along with MIC president and chief executive officer (PCEO) Rafael Consing Jr. who also acts as MIC Board vice chairperson.

Other board members present during the meeting were Land Bank of the Philippines PCEO Ma. Lynette Ortiz, Development Bank of the Philippines PCEO Michael de Jesus, and directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco II, and Roman Felipe Reyes.

Also present during the meeting is the Fund’s Advisory Body, which is composed of the Secretary of the Department of Budget and Management represented by Undersecretary Leo Angelo Larcia and Bureau of the Treasury Treasurer Sharon Almanza.

The MIC, created by virtue of Republic Act 11954, serves as the primary vehicle for mobilizing and utilizing the MIF—the Philippines’ first sovereign wealth fund—for investments in transactions aimed at generating optimal returns on investments.

The MIF is the country’s first-ever sovereign wealth fund that will optimize national funds by generating returns to support the administration’s economic goals.

It is in line with the Marcos administration’s 8-Point Socioeconomic Agenda for poverty reduction and Philippine Development Plan 2023 to 2028 for deep economic and social transformation.

The Fund is designed to catalyze economic development and accelerate the country’s growth by optimizing the use of government financial assets and promoting intergenerational management.

It will be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects that contribute to the attainment of sustainable development. (PNA)