The Maharlika Investment Corp. (MIC) is gaining momentum, as its board has given the green light to the fund's capitalization scheme, the appointment of key management committee heads, and the selection of an interim fund manager.

The Department of Finance (DOF) announced that the MIC Board, consisting of nine members with Finance Secretary Benjamin E. Diokno as the ex-officio chairperson, has approved a capitalization scheme totaling P125 billion.

“In today’s meeting [Jan. 3], we aim to fully operationalize the Maharlika Investment Fund (MIF),” Diokno said in a statement released on Thursday, Jan. 4.

“I look forward to your cooperation and support as we work together in mobilizing greater investments in the country’s growth-enhancing sectors, while upholding the highest standards of accountability, fiscal responsibility, and good governance,” he added.

Other members of the board include MIC President and Chief Executive Officer (PCEO) Rafael D. Consing, Jr., Land Bank of the Philippines CEO Ma. Lynette V. Ortiz, and Development Bank of the Philippines (DBP) Michael O. de Jesus.

Also included are MIC Directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco, and Roman Felipe Reyes.

Created by Republic Act No. 11954, the MIC functions as the sole entity tasked with mobilizing and deploying the MIF for investments in transactions.

At the first MIC board meeting, Consing outlined the sectors that could potentially benefit from MIF investments, including infrastructure, oil, gas, and power, agroforestry industrial urbanization, mineral processing, tourism, transportation, and aerospace and aviation.

\Reyes was then nominated by the MIC board to lead the Audit Committee, while Tan was nominated to head the Risk Management Committee. 

Additionally, the board approved the creation of additional committees, with Consing nominating the following Gan for the Investment Committee, Lichauco II for the Corporate Governance and Ethics as well as Related Party Transactions Committees, Tan for the Nomination and Remuneration Committee.

Consing, meanwhile, will lead the MIC’s Executive Committee.

Simultaneously, the board approved the appointment of the Bureau of the Treasury as the interim fund manager of the MIC.

Consing informed the Board about the MIC's start-up activities, including staff recruitment and the formation of its management team.

The meeting also included the Fund’s Advisory Body, represented by Budget Undersecretary Leo Angelo M. Larcia and Treasury Officer-in-Charge Sharon P. Almanza. Their role is to give guidance to the Board of Directors on general investment and risk management policies.

The next MIC Board Meeting is scheduled for the fourth week of January 2024.