Maharlika Fund Board To Be Completed By September --- Diokno

The government is now in search of competent and qualified individuals to manage the country’s first sovereign wealth fund with the hope of filling the nine seats in the next two months.

Photo Insert: President Marcos has signed into law the MIF Act after seven months of deliberation in both houses of Congress despite opposition from various economic and social groups.

In a briefing late last month, Finance Secretary Benjamin Diokno said they are “now looking for good men and women” to lead the newly enacted Maharlika Investment Fund (MIF).

Earlier this week, President Marcos signed into law the MIF Act after seven months of deliberation in both houses of Congress despite opposition from various economic and social groups.

As the MIF becomes a law, the government will create the Maharlika Investment Corp. (MIC) which will be the investment body responsible for the overall governance and management of the MIF.

The MIC is tasked to identify financially and commercially viable infrastructure projects to invest in and will formulate investment strategies covering emerging megatrends such as environment, social and governance, digitalization, and healthcare.

“It will go through a strict screening process, just like any other government appointment,” Diokno said. “But I will imagine that around September, we already have the people. That is our expectation (that it will be complete),” he said.

Based on the law, the MIC will be governed by a board of directors with nine members chaired by the finance chief. Other members include the CEO of the MIC, the Land Bank of the Philippines, and the Development Bank of the Philippines, as well as two regular and three independent directors from the private sector.

National Treasurer Rosalia de Leon said the implementing rules and regulations (IRR) would provide for the mechanisms in terms of the appointment of regular and independent directors.

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