Finance Secretary Benjamin Diokno yesterday expressed confidence the Maharlika Investment Fund (MIF) will become operational before the end of the year as planned.
Diokno made the statement amid remaining vacancies in the executives and directorial positions of the Maharlika Investment Corp. (MIC) which would supervise the use of the MIF.
Diokno said a list of nominees has been submitted to President Marcos Jr. for his consideration.
“The advisory body has submitted the list, but I don’t think there has been an appointment… (for) two regular directors, with the term of three years, and then three independent directors. I am not aware of any appointments,” Diokno said in a briefing after the sectoral briefing in Malacanang.
The MIC Board is composed of nine members which include the secretary of finance sitting as the chairperson in an ex-officio capacity, the president and the chief executive officer (CEO) as the MIC vice chairperson, president and CEO of the Land Bank of the Philippines, president and CEO of the Development Bank of the Philippines and three Independent directors from the private sector.
The Maharlika Investment Fund Act was signed into law by the President in July this year which creates the MIC and pools the funds from the Landbank (P50 billion) and Development bank of the Philippines (P25 billion) to form the MIF which will be invested in high-impact projects especially on infrastructure, among others.
The implementing rules and regulation of the MIF has been approved early this month.