Department of Finance (DOF) Secretary Benjamin Diokno said on Monday, Oct. 2, that the Maharlika Investment Corp. (MIC) could be off and running in the first quarter of 2024.

Diokno disclosed this during the budget deliberations of the Senate subcommittee on Finance chaired by Senator Sonny Angara.

"The list of candidates for the positions, the president and CEO of the council, the two regular directors and three independent directors that has been prepared already and will probably be sent to the President within the week," the finance chief said. 

"So, once we have organized, I think that would take another quarter, and maybe we will be off and running maybe the first quarter of next year," he added.

When asked by Senator Sherwin Gatchalian regarding the capital put in place by Landbank and Development Bank of the Philippines (DBP), he stated that the MIC has already obtained the funding required to launch its operations.

“Kumpleto na po (It's already complete), P75 billion plus there’s a P31 billion declared dividend by the Bangko Sentral ng Pilipinas (BSP). We can also use that," he said.

The senator then asked whether or not the MIC would start investing in infrastructure projects by the first quarter of next year. Diokno replied: "That's the idea."

Last July, President Marcos signed into law the Maharlika Investment Fund Act of 2023, establishing the country's first-ever sovereign investment fund. 

Diokno said that the fund will serve as a platform for local and foreign capital, large global funds, global financial institutions, multilateral partners, and other sovereign wealth funds to make direct equity investments in Philippine ventures and projects.

"In our case, we will focus on infrastructure flagship projects particularly public road networks, tollways, railways, green energy, water resources, agro-industrial ventures, and telecommunications," he added.

The upper chamber's finance subcommittee endorsed DOF's P32.4-billion proposed budget for 2024 to the plenary.