Maharlika Governing Body Holds Inaugural Meeting

The Maharlika Investment Corp. (MIC), the governing body of the Maharlika Investment Fund (MIF), the Philippines’ first sovereign wealth fund, held its inaugural Board Meeting this week to discuss fund capitalization and potential sectors to tap.

Created by Republic Act (RA) No. 11954, the MIC serves as the primary vehicle for mobilizing and utilizing the MIF for investments in transactions aimed at generating optimal returns on investments. I Photo: Presidential Communications Office

The body also nominated chairpersons for Board Committees, created additional Committees, and tackled other administrative matters.

MIC President and CEO Joel Consing said that the meeting was about setting a vision and ‘was the sowing of a seed, destined to grow into a mighty sequoia of multigenerational commercial and economic value for the Philippines.’

“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 added.

Created by Republic Act (RA) No. 11954, the MIC serves as the primary vehicle for mobilizing and utilizing the MIF for investments in transactions aimed at generating optimal returns on investments.

The MIF is in line with the Marcos administration’s 8-Point Socioeconomic Agenda for poverty reduction and the Philippine Development Plan (PDP) 2023-2028.

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.

The MIC Board comprises Finance Secretary Benjamin Diokno, sitting as Chairperson in an ex officio capacity, and Consing, President and CEO (PCEO), as Vice Chair.

Other members include Land Bank of the Philippines (LBP) PCEO Ma. Lynette Ortiz, Development Bank of the Philippines (DBP) PCEO Michael de Jesus, and Directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco II, and Roman Felipe Reyes.

Also present during the inaugural meeting is the Fund’s Advisory Body, composed of the Secretary of the Department of Budget and Management (DBM) represented by Undersecretary Leo Angelo Larcia and Bureau of the Treasury (BTR) Treasurer Sharon Almanza.

Consing said that the investment body commits to operating with utmost openness, ensuring public trust through consistent communication and rigorous accountability.

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