Finance Secretary Ralph G. Recto has
presided over the second
board meeting of the Maharlika Investment Corporation (MIC) in his capacity
as new Chairperson to discuss its strategic direction.
Established under Republic Act (RA) No.
11954, the MIC serves as
the sole vehicle responsible for mobilizing and
utilizing the Maharlika Investment Fund (MIF) for
investments in transactions aimed at generating
optimal returns on investments (ROIs).
The MICโs role is
to establish a diversified
portfolio of investments in
the local and global financial markets and in other
assets that promote the
commercial as well as developmental and strategic
objectives of the Fund.
The Board approved MIC President and
CEO (PCEO) Rafael Jose
D. Consing, Jr. to continue
discussions with stakeholders regarding potential investments.
The commercial
objective of the MIC is
geared towards obtaining
optimal absolute return
and maximizing financial
gains on its investments in
the short- to medium-term.
In the long-term,
the developmental objective is to promote economic development by making
strategic and profitable investments in key sectors.
During the meeting, PCEO Consing reiterated the sectors that will
be tapped by the MIF to
achieve multigenerational commercial, economic,
and social development
value creation.
The industry focus includes infrastructure; oil, gas, and power;
agroforestry industrial
urbanization; mineral processing; tourism; transportation; and aerospace and
aviation.
PCEO Consing
also called for a reorganization of the Committee
Chairpersons to be compliant with Section 26, R.A.
11954, which states that
an Independent Director
must be the Chairperson
of the Risk Management
Committee, consistent
with international best
practices.
Independent Director Atty. German Q. Lichauco II was nominated
as Chairperson of the said
Committee, as well as other committees on good
corporate governance.
Meanwhile, the
Board approved the remittance of funds from the
account of the Bureau of
the Treasury (BTr) to the
MIC. The BTr shall transfer the contributions to the
account of MIC within five
(5) business days from receipt of the relevant Board
Resolution.
The Board likewise approved the motion
to appoint the Land Bank
of the Philippines (LBP)
and Development Bank
of the Philippines (DBP)
as depository banks of the
MIC which is consistent
with Department of Finance (DOF) Department
Circular No. 002.2022
stating that GOCCs may
deposit and maintain government funds with the
LBP and DBP without the
need for prior approval
from the Secretary of Finance.
To ensure that
the MIC performs its mandated functions, the Board
approved that PCEO
Consing be authorized to
hire personnel as specified
under the duties and qualifications of the PCEO in
Section 23 of R.A. 11954.
Present during
the second board meeting
were MIC Directors Vicky
Castillo L. Tan, Atty. German Q. Lichauco II, Andrew Jerome T. Gan, and
Roman Felipe S. Reyes;
LBP PCEO Lynette V.
Ortiz; and DBP PCEO Michael O. de Jesus.
The MICโs Advisory Body was also
present, represented by
Department of Budget
and Management (DBM)
Secretary Amenah F. Pangandaman and Officer in
Charge Treasurer Sharon
P. Almanza.
The third MIC
board meeting is scheduled sometime in February, following the Secretariatโs consultation on the
availability of the Board of
Directors. Dof.gov
