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Manila Bulletin devider Business devider MIC's board member positions attract numerous applicants

MIC's board member positions attract numerous applicants

Published Sep 28, 2023 04:53 am

At A Glance

  • The Advisory Body for the Maharlika Investment Corp. (MIC) has received a considerable number of applications for the six vacant positions on the board of directors.<br>The Advisory Body consists of the Department of Budget and Management (DBM), National Economic and Development Authority (NEDA), and the Bureau of the Treasury.<br>Budget Secretary Amenah Pangandaman said the evaluation and consideration of the applicants and nominees will take place on Friday, Sept. 29.<br>The submission period for nominations and applications closed on Wednesday, Sept. 27.<br>There has been a strong response, with numerous applicants possessing valuable overseas experience.<br>The MIC board requires a minimum of five members to begin functioning. The board will be complete and ready to commence activities once the six individuals are selected.<br>The Advisory Body recommends appointments to the MIC's Board of Directors to President Marcos and assists in formulating investment and risk management policies.

The Advisory Body for the Maharlika Investment Corp. (MIC) has received a considerable number of applications for the six vacant positions on the board of directors of the sovereign wealth fund.

The Advisory Body, which consists of the Department of Budget and Management (DBM), National Economic and Development Authority (NEDA), and the Bureau of the Treasury, will now proceed with the evaluation and consideration of the applicants and nominees.

Budget Secretary Amenah F. Pangandaman told Manila Bulletin that their deliberations will take place on Friday, Sept. 29.

The submission period for nominations and applications came to a close on Wednesday, Sept. 27.

According to sources, there has been a strong response, with numerous individuals applying for the vacant positions on MIC's board of directors. 

"Many applied, and they are well qualified. Many of the applicants possess valuable overseas experience," the source said.

Among the applicants for the role of president and chief executive officer is Victor Valdepenas, a retired banker who held the position of president and chief operating officer at Union Bank of the Philippines.

Sources have confirmed that Valdepenas has garnered the support and endorsement of Finance Secretary Benjamin E. Diokno.

The MIC board requires a minimum of five members to begin functioning, as stated in the implementing rules and regulations. 

With the selection of these six individuals, the board will be complete and ready to commence its activities.

The Advisory Body has the task of recommending appointments to the MIC's Board of Directors to President Marcos. They will also assist the board in formulating investment and risk management policies.

Finance Secretary Benjamin E. Diokno earlier said the list of nominees for the board will be submitted to Malacañang before the month ends.

As per the implementing rules and regulations, the president and CEO of MIC will be appointed by the President based on the Advisory Body's recommendation for a three-year term, with the possibility of reappointment.

The MIC's Board of Directors, apart from the president and CEO, will consist of the Finance Secretary as ex-officio chairperson, presidents of Land Bank of the Philippines and Development Bank of the Philippines, two regular directors, and three independent directors from the private sector.

Related Tags

sovereign fund Maharlika Investment corporation Budget Secretary Amenah F. Pangandaman
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