The Maharlika Investment Corporation (MIC) has finalized its investment and risk management framework and secured membership in the International Forum of Sovereign Wealth Funds (IFSWF).
During its 12th Board Meeting on July 18, 2024, presided over by Finance Secretary and MIC Chairperson Ralph G. Recto, the Board approved MIC’s founding principles and framework.
The document outlines MIC’s mission, governance structure, and high-level investment strategy for 2024 to 2028, including detailed policies, strategies, and risk management practices for investment decisions and portfolio management.
The framework, mandated by Republic Act No. 11954, is a prerequisite for MIC before proceeding with its investments.
Additionally, the Board approved the MIC Board Protocol, detailing procedures for Board of Directors meetings in alignment with RA No. 11954, its Revised Implementing Rules and Regulations, and general principles of good corporate governance.
MIC’s membership in the IFSWF, an international body setting governance standards for sovereign wealth funds, was approved on July 11, 2024.
This acceptance was based on MIC’s voluntary endorsement of the Santiago Principles, which emphasize proper governance, accountability, and sound investment practices.
This membership grants the Philippines various privileges, including international recognition, networking, and peer learning opportunities.
President and CEO Rafael Jose D. Consing, Jr. highlighted that the membership entitles MIC to participate in the IFSWF Annual General Meeting in Muscat, Oman, from November 3 to 6, 2024.
The event will gather IFSWF members and global financial leaders to discuss key topics affecting investors.
Participants in the July 18 meeting included Department of Finance Undersecretary for Privatization and Partnerships Group Catherine L. Fong, MIC Regular Director Vicky Castillo L. Tan, MIC Independent Directors Atty. German Q. Lichauco II, Andrew Jerome T. Gan, and Roman Felipe S. Reyes, Development Bank of the Philippines President and CEO Michael O. de Jesus, and Landbank of the Philippines Executive Vice President Carel D. Halog as an alternate board member.
