The Maharlika Investment Corporation (MIC) is set to apply for Associate Membership in the International Forum of Sovereign Wealth Funds (IFSWF) to strengthen transparency and good governance, after the proposal was approved during the fourth MIC board meeting presided by Finance Secretary and MIC Chairperson Ralph G. Recto on February 29, 2024.

The IFSWF is a voluntary organization of global sovereign wealth funds committed to working together and strengthening the community through dialogue, research, and self-assessment.

It is mandated to help members implement the Santiago Principles, which pertain to the generally accepted principles and practices to ensure the effective operations of sovereign wealth funds globally.

An IFSWF Associate Membership is usually granted for three years, specifically for institutions that are in the early stages of forming their sovereign funds.

This move is in line with RA 11954 otherwise known as the Maharlika Investment Fund Act of 2023, which mandates the adherence of the MIC and the Maharlika Investment Fund (MIF) to the Santiago Principles.

The board likewise approved MIC President and CEO (PCEO) Rafael Jose D. Consing, Jr., MIC Regular Director Vicky Castillo L. Tan, and Independent Director German Q. Lichauco II to be the Corporation’s representatives to the IFSWF.

Present during the fourth board meeting were MIC Regular Director Vicky Castillo L. Tan; MIC Independent Directors 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 MIC’s Advisory Body represented by Officer in Charge Treasurer Sharon P. Almanza was also present in the meeting.

The MIC is responsible for the overall governance and utilization of the MIF for investments in transactions to optimize returns on investments (ROI). Its aim is to tap state assets for investment ventures to generate more revenues for public funds.

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