President Marcos is set to receive a list of names on Monday, from which he will handpick six individuals to join the board of the Maharlika Investment Corp. (MIC).

A total of 29 candidates have successfully 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 responsible for recommending candidates has reduced the list to 13 individuals, creating a shortlist that is scheduled to be presented to President Marcos by Monday.

In an interview with Manila Bulletin, Budget Secretary Amenah F. Pangandaman, a member of the Advisory Body, revealed that the deliberations for the MIC positions took place late Friday, Sept. 29.

Pangandaman shared that out of the initial seven qualified applicants, only three have advanced to the final stage for the highly coveted role of PCEO.

Additionally, she disclosed that the Advisory Body has reviewed the eligibility of nine candidates for the two regular director positions and shortlisted four of them.

Pangandaman further said that for the independent director positions, there were 13 qualified applicants. However, after careful consideration, the Advisory Body has narrowed down the selection to a final list of six candidates.

The budget chief, however, refrained from naming the shortlisted candidates, citing the need to maintain confidentiality.

"We will be presenting a shortlist to PBBM [President Marcos] of highly qualified finance experts who possess the necessary skills and expertise for the first ever board of the MIC," Pangandaman said.

She said the Advisory Board dedicated extensive time and effort to ensure that the selection process for the MIC positions was thorough and comprehensive.

Other members of the Advisory Body include National Economic and Development Authority Secretary Arsenio M. Balisacan, and Officer-in-Charge Treasurer Sharon P. Almanza.

"We carefully deliberated and took into consideration not only the qualifications and experience of each candidate but also their potential in achieving our vision of a development fund that will truly achieve our Agenda for Prosperity," Pangandaman said.

These positions are crucial in overseeing and managing the multibillion pesos Maharlika Investment Fund (MIF).

“We have a lot of strong candidates,” Pangandaman said. “We will submit to the President on Monday.”

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, making a total of P80 billion available out of the initial capitalization of P125 billion.

According to the MIF law, the national government is required to contribute P50 billion. 

To fulfill this obligation, the government is primarily sourcing the amount from dividends declared by the Bangko Sentral ng Pilipinas (BSP).

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