The Department of Finance (DOF) said the initial funding provided by government-owned financial institutions (GFIs) for the Maharlika Investment Fund (MIF) will be kept in a special account managed by the Bureau of the Treasury. Finance Secretary Benjamin E. Diokno said this arrangement with the Treasury will remain in place until the Maharlika Investment Corp., the organization responsible for managing and using the MIF, is fully ready to begin its operations. “In the meantime, it will be placed in escrow entrusted to TOP Lea,” Diokno said, referring to National Treasurer Rosalia V. De Leon. Diokno's latest announcement builds upon his statement made last Friday, wherein he said that the recently implemented MIF has secured an initial funding of P81.86 billion from the Bangko Sentral ng Pilipinas (BSP) and the Landbank of the Philippines. Last week, Landbank gave its approval to invest P50 billion in MIC, while the BSP approved a dividend of P31.86 billion in favor of the national government. De Leon said the P31.86 billion derived from the central bank's dividend may be allocated to the Maharlika fund either in full or in part, contingent upon the requirements of the national government. The MIC will have a total capital stock of P500 billion. Out of that amount, P375 billion will be set aside for common shares that can be bought by the national government, its agencies, government-owned corporations, and other GFIs. The DOF expects that the MIC will be operational by the end of 2023, given the secured funding. "It is reasonable to expect that the Maharlika Investment Fund will be up and running before the end of 2023,” Diokno said. Meanwhile, Diokno said the nine positions on the Board of Directors of the MIC are expected to be filled by September. The finance chief said the government is now actively searching for qualified individuals to assume these roles and provide oversight for the MIC Board. The composition of the MIC will include the Finance Secretary as the ex-officio chairperson, along with the presidents of the Landbank and the Development Bank of the Philippines (DBP). Additionally, there will be two regular directors and three independent directors from the private sector. “I would imagine that maybe around September, we already have appointees. That is our expectation,” Diokno said. The finance chief assured that the individuals responsible for managing the MIC will undergo a rigorous screening process. Diokno further said that in accordance with international best practices, the Secretary of Finance will serve as the Chairman of the Board of Directors in an ex officio capacity. “This is to provide representation for the government given that the Fund manages government assets. Let me make it crystal clear, the Finance Secretary will not manage the Fund,” he noted. “That role [managing of fund] is entrusted to the president and CEO of the Maharlika Investment Corporation and its directors,” he added.