Maharlika board complete by September, says Diokno

The nine seats of the Maharlika Investment Corporation’s (MIC) Board of Directors are expected to be filled up in September, Finance Secretary Benjamin Diokno said on Friday.

In a press chat in Manila, Diokno told reporters that the government is “nowlooking for good men and women,” who will oversee the MIC Board.

On Tuesday, President Ferdinand Marcos Jr. signed into law the measure creating the Maharlika Investment Fund (MIF) —the country’s very first sovereign wealth fund, which will tap state assets for investment ventures to generate additional public funds.

The law creates the MIC, a government-owned company, that will manage the MIF, a pool of funds sourced from state-run financial institutions that will be invested in high-impact projects, real estate, as well as in financial instruments.

The MIC will be composed of the Finance secretary, who will serve as the ex-officio chairperson; presidents of the Land Bank of the Philippines and the Development Bank of the Philippines; two regular directors; and three independent directors from the private sector.

“I would imagine that maybe around September, may appointees na tayo. That is our expectation,” Diokno said.

The Finance chief said those who will run the MIC will undergo a strict screening process.

Diokno also reiterated that “following international best practices, the Secretary of Finance serves as chairman of the Board of Directors in an ex officio capacity.”

“This is to provide representation for the government given that the Fund manages government assets. Let me make it crystal clear, the Finance Secretary will not manage the Fund,” he said.

“That role is entrusted to the president and CEO of the Maharlika Investment Corporation and its directors,” he added.

Marcos’ chief economic manager also said that the implementing rules and regulations is in its final stages as the Treasury does not intend to up the 90-day period to craft the IRR.

“We expect the promulgation of the IRR to be done before the end of August,” Diokno said.

The MIC will have an authorized capital stock of P500 billion, the P375 billion of which shall have corresponding common shares available for subscription by the national government, its agencies or instrumentalities, government-owned and controlled corporations or GFIs, and government financial institutions.—LDF, GMA Integrated News