ADVERTISEMENT
Manila Bulletin devider Business devider Banking & Finance devider Maharlika targets full status in global SWF group by 2027

Maharlika targets full status in global SWF group by 2027

Published Jul 28, 2026 06:46 pm
Maharlika Investment Corp. President and Chief Executive Officer Rafael D. Consing Jr. signs a memorandum of understanding with Morocco’s Ithmar Capital on Tuesday, July 28. (Photo by Derco Rosal)
Maharlika Investment Corp. President and Chief Executive Officer Rafael D. Consing Jr. signs a memorandum of understanding with Morocco’s Ithmar Capital on Tuesday, July 28. (Photo by Derco Rosal)
State-run Maharlika Investment Corp. (MIC), manager of the Philippines’ first sovereign wealth fund, expects to become a regular member of the International Forum of Sovereign Wealth Funds (IFSWF), a global organization that promotes good governance, transparency, and accountability among SWFs.
MIC President and Chief Executive Officer Rafael D. Consing Jr. said during a media roundtable on Tuesday, July 28, that the fund is aiming for regular membership in 2027.
The fund became an associate member of the forum in July 2024, a status that does not grant voting rights.
“About six or seven months after I was appointed, we had already applied for membership. After our application went through the review process and interviews, we were accepted as an associate member,” Consing said.
“We felt now is the time to start preparing, and we wanted to do it right. That’s why we went to IFSWF. We sought their assistance,” he added.
To support its goal, MIC signed a memorandum of understanding (MOU) with Ithmar Capital, the sovereign wealth fund of the Kingdom of Morocco. The partnership allows both institutions to exchange knowledge by strengthening institutional development, benchmarking operations, and sharing best practices.
“Membership [in the forum] would place MIC among a class of internationally recognized SWFs committed to the Santiago Principles and the common standards and best practices upheld by IFSWF members,” MIC said in a statement.
During the signing ceremony, Consing noted that MIC welcomes the opportunity to work with Ithmar Capital on capacity building and the implementation of the Santiago Principles.
According to MIC, the agreement covers operational benchmarking, best practice sharing, and capacity building across non-investment functions, including communications, human resources, corporate planning, internal audit, and other institutional support areas.
“This partnership builds on MIC’s strong institutional foundations and reinforces the standards that already guide our work—transparency, strong governance, and excellence,” Consing said.
Ithmar Capital CEO Obaid Amrane said the partnership reflects his firm's belief that SWFs become stronger through shared expertise, good governance, and sustainable development.
“We look forward to supporting MIC on its journey while deepening the ties between Morocco and the Philippines,” said Amrane, who also serves as chair of the IFSWF.
Under the MOU, MIC and Ithmar Capital will establish a steering committee of representatives from both funds to oversee a 12-month benchmarking plan. Both institutions committed to upholding good governance, transparency, and long-term institutional growth while strengthening bilateral ties.
Finance Undersecretary Maria Angela Ignacio—representing Finance Secretary and MIC Chairperson Frederick D. Go—attended the signing alongside Moroccan Ambassador to the Philippines Mohammed Rida El Fassi, Moroccan Deputy Head of Mission Dr. Abdelrhani Charfi, and Philippine Ambassador to Morocco Leslie J. Baja.

Related Tags

Maharlika Investemnt Corp. (MIC) Rafael D. Consing Jr. Department of Finance (DOF) Ithmar Capital
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ static_articles_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.