The Department of Finance (DOF) revealed that the Maharlika Investment Corp. (MIC) held its first board meeting on Wednesday, Jan. 3.
The meeting, documented in a DOF Facebook update, featured MIC President and CEO Rafael D. Consing, Jr., and Finance Secretary Benjamin E. Diokno, who acted as Chairperson ex officio.
Notable attendees included Ma. Lynette V. Ortiz, PCEO of Land Bank of the Philippines (LANDBANK), Michael O. de Jesus, PCEO of the Development Bank of the Philippines (DBP), and Directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco II, and Roman Felipe Reyes.
During the meeting, the MIC Board discussed fund capitalization and identified potential sectors for long-term commercial, economic, and social development value.
They also appointed Chairpersons for Board Committees, created new Committees, and addressed administrative matters.
The Fund’s Advisory Body, represented by Undersecretary Leo Angelo M. Larcia from the Department of Budget and Management (DBM) and Treasurer Sharon P. Almanza from the Bureau of the Treasury (BTR), was also present.
Established under Republic Act (RA) No. 11954, the MIC serves as the primary platform for mobilizing and utilizing the Maharlika Investment Fund—the Philippines’ first sovereign wealth fund—for investments aimed at generating maximum returns.