MANILA -- The Maharlika Investment Corporation (MIC), the governing body behind the Maharlika Investment Fund (MIF), held its first board meeting on January 3 and identified potential sectors for investment.

Present in the meeting were MIC president and chief executive officer Rafael Consing Jr., as well as Finance Secretary Benjamin Diokno.

Diokno sits as the MIC Chairperson in an ex-officio capacity, while Consing is the vice chairperson.

Other board members include Land Bank of the Philippines president Ma. Lynette V. Ortiz, Development Bank of the Philippines president Michael O. de Jesus, and MIC Directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco, and Roman Felipe Reyes.

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In the meeting, Consing said the fund may invest in the following sectors to achieve multigenerational commercial, economic, and social wealth for the Philippines: infrastructure; oil, gas, and power; agroforestry industrial urbanization; mineral processing; tourism; transportation; and aerospace and aviation.

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Consing nominated Reyes to head the Audit Committee, while Tan was nominated to lead the Risk Management Committee.

The Board likewise approved the creation of additional committees.

Consing nominated the following to serve as Chairpersons: Gan for the Investment Committee, Lichauco for the Corporate Governance and Ethics as well as Related Party Transactions Committees, and Tan for Nomination and Remuneration Committee.

Consing will serve as the chairperson of the MIC's Executive Committee.

The Board also approved the presented Capitalization Scheme of the MIC amounting to P125 billion, and the appointment of the Bureau of the Treasury (BTr) as their Interim Fund Manager.

Consing also updated the board on the recruitment of the MIC's management team and staff.

Also present during the meeting was the Fund’s Advisory Body, which is composed of the Secretary of the Department of Budget and Management (DBM) represented by Undersecretary Leo Angelo Larcia and Treasurer of the Philippines Sharon Almanza.

The Advisory Body is tasked to guide the Board of Directors in the formulation of general policies related to investment and risk management.

The next MIC Board Meeting is set on the fourth week of January 2024.

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