PRESIDENT Ferdinand Marcos Jr. is expected to announce his appointees to the Maharlika Investment Corp. (MIC), a corporate investment body that will manage the Maharlika Investment Fund (MIF), at least around the middle of October, Finance Secretary Benjamin Diokno said over the weekend.
The advisory body of the fund—composed of the heads of the Budget Department, the National Economic and Development Authority and the Bureau of the Treasury—closed the application period for the positions of president and chief executive officer, two directors, and three independent directors in the MIC last Sept. 27.
“The advisory body shall then transmit the final list of nominees to the Office of the President on or before October 12, 2023, after which the President of the Philippines shall appoint the best candidate for the respective positions,” Diokno said.
To clarify it once again amid recent rumors that he might leave his DoF post and lead the MIC, Diokno said “I did not apply, because you have to apply. I am the chairman of the Maharlika board, that is another position.”
MIC is a nine-member board of directors which consists of the Secretary of Finance as the chairperson in an ex-officio capacity; president and CEO of MIC; president and CEO of the Land Bank of the Philippines; president and CEO of the Development Bank of the Philippines; two regular directors, appointed by the President for a term of three years; and three independent directors from the private sector, appointed by the President for a term of one year.
“There is a two-stage process [for the selection], The technical team will bring the list to the advisory body consisting of DBM Secretary, NEDA Director General, and [the] National Treasurer… the next stage is the Office of the President,” Diokno said.
Diokno remained optimistic that the MIF would be fully operational by the end of 2023 and that the board has already met at least once.
Diokno said earlier that the success of the implementation of the MIF hinged on selection of the best people to oversee and manage the Fund and strict compliance with the provisions of the law.
MIC has an initial capitalization of P125 billion. LandBank and DBP have already transferred their contributions, as the founding government financial institutions, of P50 billion and P25 billion, respectively to the account of the Bureau of the Treasury. LandBank deposited their share on Sept. 14 while DBP remitted on Sept. 15.
The remaining P50 of MIC’s initial capitalization will be sourced from the national government. One of the sources is the Bangko Sentral ng Pilipinas dividend remittance. BSP has already remitted P31.859 billion for 2023.
“Cognizant of all of this, the MIF is expected to be fully operational by the end of 2023,” Diokno said.