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Manila Bulletin devider Business devider Banking & Finance devider Maharlika fund adds veteran bankers to board to strengthen governance, investment push

Maharlika fund adds veteran bankers to board to strengthen governance, investment push

Published Feb 18, 2026 10:56 am

At A Glance

  • Maharlika Investment Corporation (MIC), the sovereign fund manager, has expanded its board with the appointment of veteran bankers Rolando Peñaflor as regular director and Enrico Cruz as independent director.

Maharlika Investment Corp. (MIC), the sovereign fund manager, has expanded its board with the appointment of veteran bankers Rolando Peñaflor as a regular director and Enrico Cruz as an independent director.

The move aims to strengthen governance as the state-run investment fund prepares for broader capital deployment.

Malacañang recently announced the appointments, which MIC said reinforce its push for institutional independence and long-term value creation.

Peñaflor will serve a three-year term as a regular director. He spent 38 years in corporate banking at Ayala-led Bank of the Philippine Islands (BPI), where he rose to senior vice president, and previously led several firms in real estate and film production.

Cruz joins the board as an independent director, bringing four decades of experience across finance, retail, real estate, and healthcare. He has served on the boards of five publicly listed firms and five private companies.

Also assuming his role as alternate representative of Land Bank of the Philippines (Landbank) is executive vice president Roderick Sacro, joining other alternate representatives from the Department of Finance (DOF) and Development Bank of the Philippines (DBP).

MIC President and Chief Executive Officer (CEO) Rafael D. Consing Jr. said the appointments bolster the board’s expertise as the fund transitions into a phase of “decisive capital deployment” across priority sectors of the economy.

DOF Secretary Frederick D. Go chairs MIC’s board. It also includes independent directors Stephen CuUnjieng, former chairman and CEO of Evercore Asia, and Roman Felipe S. Reyes, founding partner of Reyes Tacandong & Co. and a former senior executive at SGV & Co. and Ernst & Young.
Consing told Manila Bulletin last month that MIC is accelerating its entry into the logistics and energy sectors with two cornerstone deals expected to close in the first quarter of this year.
In particular, MIC has been “advancing” its acquisition of an 11.2-percent stake in Asian Terminals Inc. (ATI).
Besides ATI, MIC is also moving to finalize the operationalization of its investment stake in Synergy Grid & Development Phils. Inc. (SGP), which is seen as providing a foothold in the national transmission grid.
According to Consing, MIC is deploying capital to capture value from critical utilities with high barriers to entry and a direct link to the country’s gross domestic product (GDP) growth.
MIC is also prioritizing its electrification initiatives in Mindoro and Palawan islands.
“By focusing on both small power utilities groups (SPUG) and grid-connected infrastructure, we aim to support the delivery of electricity infrastructure and catalyze the development of ubiquitous, lower-cost, and reliable electricity for both industrial hubs and rural communities,” Consing had said.
Also, MIC is exploring high-potential public-private partnership (PPP) opportunities in the agriculture sector, which could be forged within the first half of the year, to build a more resilient and affordable supply chain, support local farmers, and reduce household food costs.
Additionally, to provide long-term protection against potential losses from global declines in purchasing power, MIC is targeting to make mining a “fifth economic pillar” that generates employment, in line with its strategy to position the minerals sector as a major component of the country’s precious metals and industrial resource plan, according to Consing. - Derco Rosal
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