The shortlist of candidates for the board of directors of the Maharlika Investment Corp. (MIC) was officially submitted to President Marcos, the Department of Budget and Management (DBM) said.

The Advisory Body, consisting of the DBM, the National Economic and Development Authority, and the Bureau of the Treasury, submitted a list of 13 candidates for key positions in the MIC to Malacañang on Tuesday morning, Oct. 3.

Despite the lack of a specific deadline stipulated in the MIC law, Budget Secretary Amenah F. Pangandaman said she is hopeful that President Marcos will soon announce his decision regarding the appointment.

“Many people are excited about the Maharlika, and we hope to organize its operations as soon as possible,” Pangandaman told Manila Bulletin in a mobile phone message.

Earlier, Pangandaman said that a total of 29 candidates had met the qualifications for various positions at the MIC, including the roles of President and Chief Executive Officer (PCEO), two regular directors, and three independent directors.

However, the Advisory Body has narrowed down the shortlist to 13 individuals.

Pangandaman said out of the initial seven qualified applicants, only three have progressed to the final stage for the highly sought-after position of PCEO.

Furthermore, she shared that the Advisory Body has assessed the eligibility of nine candidates for the two regular director roles and shortlisted four of them.

For the independent director positions, Pangandaman said there were initially 13 qualified applicants. However, the Advisory Body has finalized a selection of six candidates.

The budget chief refrained from disclosing the names of the shortlisted candidates to maintain confidentiality.

These positions are of important as they involve the oversight and management of the multibillion-peso Maharlika Investment Fund (MIF).

“We have a lot of strong candidates,” Pangandaman said.

The MIC, responsible for overseeing the wealth fund, will have a nine-member board of directors.

In addition to the six appointed positions, the Finance Secretary will serve as the ex-officio board chairperson.

Furthermore, the board will include the Presidents and Chief Executive Officers of both the Landbank of the Philippines and the Development Bank of the Philippines (DBP).

Currently, Landbank and DBP have remitted P50 billion and P30 billion, respectively, to the Bureau of the Treasury, totaling P80 billion out of the initial capitalization of P125 billion.

Under the MIF law, the national government is obligated to contribute P50 billion. To fulfill this requirement, the government is primarily utilizing dividends declared by the Bangko Sentral ng Pilipinas (BSP).

The MIC is expected to be fully operational by the end of the year.