MANILA, Philippines — President Ferdinand Marcos Jr. vowed to strengthen the independence of the Maharlika Investment Corp. (MIC) board of directors, emphasizing the need for autonomy in fund management.
The announcement follows a directive to review the implementing rules and regulations (IRR) of Republic Act (RA) No. 11954, the legislation establishing the Maharlika Investment Fund.
Marcos, together with various government offices, including the Office of the Executive Secretary, Presidential Management Staff, Bureau of Treasury, and Government Service Insurance System, finalized the IRR during a meeting on Monday.
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Once approved, Marcos urged the immediate establishment of the corporate structure, prioritizing transparency and accountability.
Section 21 of RA 11954 outlines the powers of the 9-member MIC Board, responsible for governing and managing MIC and its investments.
The MIC board consists of 9 members, including the Secretary of Finance as the ex-officio Chairperson, the President and Chief Executive Officer (PCEO) as the MIC Vice Chairperson, the President and CEO of the Land Bank of the Philippines, the President and CEO of the Development Bank of the Philippines, and three independent directors from the private sector.
As outlined in Section 23 of the law, the PCEO will oversee the operations and internal administration of MIC, managing risk, financial performance, human resources, accounting, and legal affairs.
To strengthen the board's authority, Marcos issued several directives, which include managing government contributions, appointing corporate officers, setting additional qualifications or disqualifications for directors, and forming committees with specific functions.
The Office of the Executive Secretary said that the revisions introduced by the president to the IRR serve to clarify and strengthen the discretionary powers of the board. This ensures independence for MIC to explore investment opportunities while adhering to legal obligations and aligning with the government's development program.
Marcos assured the completion of operationalizing the Maharlika Investment Fund before the year ends.
Budget Secretary Amenah Pangandaman, a member of the MIC Board’s Advisory Body, earlier said that the board of directors for the government-owned company overseeing the sovereign wealth fund will be appointed in November.