BOARD MEETING. Maharlika Investment Corp. (MIC) President and CEO Rafael Consing Jr. (left) and Finance Secretary Benjamin Diokno attend the MIC's first board meeting in Manila on Wednesday (Jan. 3, 2024). The MIC is the governing body behind the Maharlika Investment Fund. (Photo courtesy of DOF)
MANILA – The Maharlika Investment Corp. (MIC), which will govern the Maharlika Investment Fund (MIF), discussed the fund's capitalization and potential sectors for investment during its first board meeting on Wednesday.
In a statement on Thursday, the Department of Finance (DOF) said that during the meeting, MIC President and Chief Executive Officer (PCEO) Rafael Consing Jr. noted that sectors that may be potentially tapped by the MIF include infrastructure; oil, gas, and power; agroforestry industrial urbanization; mineral processing; tourism; transportation; and aerospace and aviation.
The MIC serves as the sole vehicle responsible for mobilizing and utilizing the MIF for investments in transactions aimed at generating optimal returns on investments.
It is composed of nine members led by Finance Secretary Benjamin Diokno sitting as the chairperson in an ex-officio capacity and PCEO Consing as vice chairperson.
Other 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 MIC Directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco, and Roman Felipe Reyes. The ninth seat in the board remains vacant.
During the meeting, the Board also approved the presented capitalization scheme of the MIC worth PHP125 billion.
The Board, likewise, called for nominations for chairpersons of the committees under Sections 21 and 26 of Republic Act 11954, which established the MIF.
Consing nominated Reyes to head the Audit Committee, while Tan was nominated to lead the Risk Management Committee.
The Board also approved the creation of additional committees.
Consing nominated the following to serve as chairpersons: Gan for the Investment Committee, Lichauco II for the Corporate Governance and Ethics, as well as the Related Party Transactions Committees, Tan for the Nomination and Remuneration Committee, and Consing himself for the Executive Committee.
“The inaugural board meeting of the Maharlika Investment Corp., held yesterday, January 3rd, 2024, was the sowing of a seed, destined to grow into a mighty sequoia of multigenerational commercial and economic value for the Philippines,” he said.
“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.”
In his opening remarks during the meeting, Diokno said they aim to fully operationalize the MIF.
"I look forward to your cooperation and support as we 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,” he said.
Meanwhile, the Board approved the appointment of the Bureau of the Treasury as the Interim Fund Manager of the MIC.
Consing also updated the Board on start-up activities, such as staffing and recruitment for the MIC and the hiring of its management team.
Also present during the meeting was 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 Treasurer of the Philippines Sharon Almanza.
The Advisory Body is tasked to guide the Board of Directors 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. (PNA)
