Race on for MIC directors, several applications filed

The race is on for the board of directors of the Maharlika Investment Corp. (MIC), the governing body of the country’s first sovereign wealth fund.

The MIC would elect a president and chief executive officer, two regular directors, and three independent directors

Finance Assistant Secretary Eufrocinio Bernabe Jr, in a business forum in Pasay City, announced that numerous applications were submitted after the government published the acceptance of applications for the MIC board of directors.

“Some have submitted already and we have the papers, so I think once the deadline is reached, the process will move on,” Bernabe said.

The deadline was set on Sept. 27.

“Once that application has been received, we will shortlist all candidates and then the board of directors will elect from that side Chief Executive Officer and then form the plantilla for the positions of the Maharlika Investment Fund,” Bernabe added.

He also said the Maharlika fund was on track to be up and running by the end of the year.

Maharlika is the country’s first sovereign wealth fund which will serve as an “additional source and financing mode for priority projects of the Philippines,” Bernabe told the businessmen present during the forum.

“The fund aims to attract the participation of local and foreign capital to make direct equity investments in the Philippines,” he said.

Finance Secretary Benjamin Diokno earlier asserted that the MIC should be headed by a Filipino, on top of the other qualifications set by law.

 

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