The inaugural board meeting of the Maharlika Investment Fund (MIF)’s governing body, the Maharlika Investment Corporation (MIC), was conducted on Wednesday (January 3).

The Presidential Communication’s Office reported that the 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 MIC Board comprises Secretary of Finance Benjamin E. Diokno sitting as Chairperson in an ex officio capacity and President and Chief Executive Officer (PCEO) Rafael D. Consing, Jr. as Vice Chairperson.

Other members include Land Bank of the Philippines (LANDBANK) PCEO Ma. Lynette V. Ortiz, Development Bank of the Philippines (DBP) PCEO Michael O. 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 (DBM) represented by Undersecretary Leo Angelo M. Larcia and Bureau of the Treasury (BTR) Treasurer Sharon P. Almanza.

The MIC, created under Republic Act (RA) No. 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 in line with the Marcos, Jr. administration’s 8-Point Socioeconomic Agenda for poverty reduction and Philippine Development Plan (PDP) 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.

Photo: Presidential Communications Office