Malacañang disclosed that the Maharlika Investment Corp. (MIC)—Maharlika Investment Fund's (MIF) governing body— held its first board meeting on Wednesday, Jan. 3.

The Presidential Communications Office (PCO) said on Thursday that the MIC Board met to discuss fund capitalization and potential sectors to tap to achieve multigenerational commercial, economic, and social development value creation.

It added that the MIC nominated the chairpersons for Board Committees, created additional committees, and tackled other administrative matters.

“The inaugural board meeting of the Maharlika Investment Corp., held yesterday, January 3rd, 2024, was the sowing of a seed, destined to grow into a mighty sequoia of multigenerational commercial and economic value for the Philippines,” MIC President and CEO Joel Consing said in a statement.

Consing added that the meeting was about setting a vision, bold and unwavering, for generations to come.  

“For the Philippines to truly flourish, the fruits of our endeavors must nourish every corner of the nation. We aim to be not just stewards of wealth, but architects of inclusive growth, bridging the gap between economic promise and tangible prosperity for all Filipinos,” he further said.

Consing also said that the investment body commits to operating with utmost openness, ensuring public trust through consistent communication and rigorous accountability.

The Filipino people are not merely stakeholders, he stressed, saying that “they are the very soil from which our vision draws its strength.”

“The Maharlika Investment Corp. is not just a financial entity; it is a torchbearer for a brighter Philippine future. We invite all Filipinos to join us in tending this flame, nurturing the seeds of national prosperity, and together, realizing a legacy that spans generations,” he said.

The members of the MIC Board are Finance Secretary Benjamin Diokno, sitting as Chairperson in an ex officio capacity, and Consing, President and Chief Executive Officer (PCEO), as Vice Chair.

Other members include Land Bank of the Philippines (LBP) PCEO Ma. Lynette V. Ortiz, Development Bank of the Philippines (DBP) PCEO Michael O. de Jesus, and Directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco II, and Roman Felipe Reyes.

Also present during the meeting was the Fund’s Advisory Body, which is composed of the Secretary of the Department of Budget and Management (DBM) represented by Undersecretary Leo Angelo M. Larcia and Bureau of the Treasury (BTR) Treasurer Sharon P. Almanza.

The MIC, created under Republic Act (RA) No. 11954, serves as the primary vehicle for mobilizing and utilizing the MIF—the Philippines’ first sovereign wealth fund—for investments in transactions aimed at generating optimal returns on investments.

The Fund is designed to catalyze economic development and accelerate the country’s growth by optimizing the use of government financial assets and promoting intergenerational management.