Finance Secretary Ralph G. Recto said that the private sector representatives of the Maharlika Investment Corporation (MIC) board have yet to earn “a single centavo” since they were hired last year.

During a Senate committee hearing with the country’s economic managers, Recto confirmed that the government has yet to determine the compensation packages for the members of the MIC board and its chief executive officer.

“It’s private sector representatives will be paid eventually, but as of today, they haven’t yet been paid a single centavo,” Recto said, noting that government officials who are board members will not receive any compensation from their posts.

“Wala pang kontrata [No contract yet]. We're still in the process of determining how much their compensation packages will be, parang start-up pa lang [it’s like we’re just starting up],” he added.

Based on the Maharlika Investment Fund law, nine members will sit on the MIC board including the secretary of finance as the chairperson in an ex officio capacity; president and chief executive officer (PCEO) of the MIC as vice-chairperson; president and CEO of the Landbank of the Philippines; president and CEO of the Development Bank of the Philippines (DBP); two regular directors; and three independent directors from the private sector.

President Ferdinand R. Marcos Jr. swore in four officials to the MIC board last year, Dec. 20, to govern the country’s first sovereign wealth fund.

These officials were Vicky Castillo Tan who worked at the Asian Development Bank as senior financial and budget management officer; and Andrew Gan, who served as director of the Capital Markets Integrity Corporation, a wholly-owned subsidiary of the Philippine Stock Exchange that acts as its "independent audit, surveillance and compliance arm”.

Also on the MIC board is German Lichauco, who was a senior partner of Siguion Reyna Montecillo and Ongsiako Law Office, and Roman Felipe Reyes, who is the current director of the Radio Philippines Network Inc. (RPN 9).

Meanwhile, Rafael Consing Jr., who served as senior vice-president and chief financial officer of Enrique Razon’s International Container Terminal Services, Incorporated, was sworn in as the MIC PCEO on Nov. 24

P75 billion capital

Recto also said that the P75 billion start-up capital for the Maharlika Investment Fund was remitted from the Landbank and the DBP was invested in the Bureau of the Treasury to fund the MIC operating expenses.

"About 4.6 percent net for the entire year," he said, "how much have they spent? Very minimal, wala pa ngang empleyado."