Metro Manila (CNN Philippines, January 4) — The Maharlika Investment Corporation (MIC) — the corporate vehicle tasked to oversee the sovereign wealth fund — held its first board meeting on Wednesday, where they bared possible industries to focus on, the Department of Finance (DOF) said.
“In today’s meeting, we aim to fully operationalize the Maharlika Investment Fund,” the DOF said in a statement on Thursday, quoting Finance Secretary Benjamin Diokno’s address to MIC officials.
“I look forward to your cooperation and support as we work together in mobilizing greater investments in the country’s growth-enhancing sectors, while upholding the highest standards of accountability, fiscal responsibility, and good governance,” the Finance chief added.
The MIC has nine members, with Diokno holding the position of chairperson in an ex-officio capacity.
President Ferdinand Marcos Jr. signed the Maharlika fund bill into law in July last year despite concerns raised by some groups, including some economists.
READ: Maharlika fund ‘defective, poses serious risks’ to economy – UPSE faculty members
The chief executive and his economic managers have been reiterating that the investment fund would help the Philippines fund the government’s flagship infrastructure projects worth ₱8.7 trillion.
According to MIC President and Chief Executive Officer (PCEO) Rafael D. Consing Jr., the following sectors would be prioritized:
— Infrastructure
— Oil, gas, and power
— Agroforestry industrial urbanization
— Mineral processing
— Tourism
— Transportation
— Aerospace and aviation
The DOF said the board also approved the capitalization scheme totaling ₱125 billion.
The Bureau of the Treasury has also been appointed as the Interim Fund Manager of the MIC.
Another meeting is set for the last week of January, the DOF said.
