The Maharlika Investment Corp. (MIC), which will govern the Maharlika Investment Fund (MIF), had its first-ever board meeting and identified potential sources to tap, the Department of Finance (DOF) said in a statement yesterday.
The MIC held its meeting on January 3 at the DOF office in Manila, where president and chief executive officer (PCEO) Rafael Consing Jr. presented the following sectors that may potentially be tapped by the MIF to achieve multigenerational commercial, economic and social development value creation: infrastructure; oil, gas and power; agroforestry industrial urbanization; mineral processing; tourism; transportation; and aerospace and aviation.
“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,” Consing said in a statement, adding that the meeting was about setting a vision, bold and unwavering, for generations to come.
“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 said.
The MIC also nominated the chairpersons for board committees, created additional committees, and tackled other administrative matters.
“We 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,” Finance Secretary Benjamin Diokno said in his opening remarks.
Established under Republic Act No. 11954, 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.
The board also approved the presented capitalization scheme of the MIC amounting to P125 billion.
The MIC is composed of nine members led by Diokno sitting as the chairperson in an ex-officio capacity and Consing as vice chairperson.
Other members include 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 next MIC board meeting is scheduled in the fourth week of January.
