MIC Board Discusses Sectors For Investments In The Philippines
During its inaugural meeting on January 3, 2024, the Maharlika Investment Corp. (MIC) discussed key aspects of the Maharlika Investment Fund (MIF). The Department of Finance (DOF) shared insights, revealing that MIC President and CEO Rafael Consing Jr. addressed the fund’s capitalization and potential sectors for investment.
Consing Jr. highlighted that the MIF is exploring opportunities in diverse sectors. These sectors include infrastructure, oil, gas, and power, agroforestry, industrial urbanization, mineral processing, tourism, transportation, aerospace, and aviation.
As the sole entity mobilizing and utilizing the MIF, the MIC comprises nine members. Finance Secretary Benjamin Diokno chairs the board, and PCEO Consing serves as vice chairperson. Other members include Land Bank and Development Bank CEOs, along with MIC Directors.
MIC holds inaugural meeting on fund
During the meeting, the Board approved a PHP125 billion capitalization scheme. Additionally, they sought nominations for chairpersons of committees established under Republic Act 11954, forming the MIF.
Consing nominated Roman Felipe Reyes for the Audit Committee and Vicky Castillo Tan for the Risk Management Committee. The Board also greenlit the creation of additional committees, with Consing proposing chairpersons for various roles.
In his remarks, the MIC head painted the inaugural meeting as the “sowing of a seed, destined to grow into a mighty sequoia of multigenerational commercial and economic value for the Philippines.”
Finance Secretary Diokno emphasized the goal of fully operationalizing the MIF. Furthermore, he urged cooperation and support for mobilizing investments while upholding accountability and good governance.
The Board approved the Bureau of the Treasury as the Interim Fund Manager of the MIC. Subsequently, Consing provided updates on start-up activities, including staffing and recruitment. The Fund’s Advisory Body, consisting of representatives from the Department of Budget and Management and the Treasurer of the Philippines, played a crucial role in guiding general policies related to investment and risk management.
As the MIC sets its course, the next board meeting is slated for the fourth week of January, marking a continued strategic discussion on the future impact of the Maharlika Investment Fund on the Philippines’ economic landscape.
