The Maharlika Investment Corp. (MIC) board, overseeing the nation’s inaugural sovereign wealth fund, delved into fund capitalization and identified sectors for long-term economic and social development in their inaugural meeting this week, according to Malacañang on Thursday.
The board also nominated committee chairs, established new committees, and addressed administrative issues during their Wednesday meeting, the Presidential Communications Office announced.
“The inaugural board meeting of the MIC was the sowing of a seed, destined to grow into a mighty sequoia of multigenerational commercial and economic value for the Philippines,” the PCO quoted Joel Consing, the MIC’s president and CEO, as saying.
“For the Philippines to truly flourish, the fruits of our endeavors must nourish every corner of the nation. We aim to be not just stewards of wealth, but architects of inclusive growth, bridging the gap between economic promise and tangible prosperity for all Filipinos,” Consing added.
Risk management
The MIC is the governing body of the Maharlika Investment Fund (MIF), which was created through Republic Act No. 11954 in July last year.
Under the law, the fund manager has at least two committees—the risk management committee and the audit committee. The Malacañang statement did not name the other committees that were created nor their heads.
Consing highlighted the importance of transparency to nurture MIC’s growth, adding that the investment body “commits to operating with utmost openness, ensuring public trust through consistent communication and rigorous accountability.”
The Filipino people are not merely stakeholders, but “are the very soil from which our vision draws its strength,” said Consing.
“The MIC is not just a financial entity; it is a torchbearer for a brighter Philippine future. We invite all Filipinos to join us in tending this flame, nurturing the seeds of national prosperity, and together, realizing a legacy that spans generations,” he added.
Who’s who
Consing, 55, served as President Ferdinand “Bongbong” Marcos Jr.’s adviser on investment and economic affairs. He was senior vice president and chief financial officer of the International Container Terminal Services Inc.; managing director of HSBC; Bankers Trust Company vice president; Aboitiz & Co. Inc. vice president and treasurer; and vice president of Multinational Investment Bancorporation.
The MIC board is composed of Finance Secretary Benjamin Diokno as ex-officio chair and Consing as vice chair. The members include Land Bank of the Philippines president Ma. Lynette Ortiz and Development Bank of the Philippines president Michael de Jesus.
The others in the board of directors, who took office on Dec. 20, 2023, are Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco II and Roman Felipe Reyes.
Tan served as SteelAsia Manufacturing Inc.’s deputy president and May Bank Inc.’s independent board director and chair of its corporate governance committee.
Gan, educated at the University of Notre Dame in Indiana and the University of London’s School of Oriental and Asian Studies, held various positions in several companies prior to his appointment.
Lichauco graduated from Ateneo de Manila University School of Law and served as officer in various companies such as Sharp Philippines Corp., Computerized Imaging Institute of the Makati Medical Center Foundation Inc. and Soho Central Condominium.
Reyes is an accountant and business administrator and was chair and founding partner of the professional financial services firm Reyes Tacandong & Co., SGV & Co partner and vice president for client services and accounts, and director in companies such as Radio Philippines Network Inc., Pampanga Sugar Development Co., Philippine Geothermal Production Co. and Converge ICT Solutions Inc.
Also present during the meeting was the MIF Advisory Body led by Budget Undersecretary Leo Angelo Larcia and Deputy Treasurer Sharon Almanza.
The MIF is in line with the Marcos administration’s 8-Point Socioeconomic Agenda for poverty reduction and Philippine Development Plan 2023 to 2028 for deep economic and social transformation.
The fund is designed to catalyze economic development and accelerate the country’s growth by optimizing the use of government financial assets and promoting intergenerational management.
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