By Komfie Manalo
The Maharlika Investment Corporation (MIC) has gained international recognition and was accepted as a member of the International Forum of Sovereign Wealth Funds (IFSWF), which gives it the authority to begin engaging with investors and access to a global network of experts.
Finance secretary Ralph Recto said the MIC gained membership after finalizing its investment and risk management framework.
Recto, who also chairs the MIC, presided over the corporation's 12th board meeting on Thursday and approved the MIC's founding principles and framework, which encapsulate its overall mission, governance structure, and high-level investment approach for 2024 to 2028.
"The framework specifically outlines the detailed policies, strategies, and risk management practices guiding the MIC's investment decision-making and portfolio management," the statement said.
As mandated by Republic Act No. 11954, the framework is a prerequisite for the MIC before proceeding with its investments.
In addition, the board approved the MIC Board Protocol, which covers the procedures for conducting Board of Directors meetings, by RA No. 11954, its Revised Implementing Rules and Regulations, and general principles of good corporate governance.
Meanwhile, the MIC has secured membership in the IFSWF, an international organization that sets governance standards for sovereign wealth funds worldwide.
The MIC's application on July 11 was accepted because it was willing to endorse, on a voluntary basis, the Santiago Principles, which pertain to the generally accepted principles and practices to ensure the effective operations of sovereign wealth funds globally.
The principles emphasize appropriate governance and accountability arrangements and sound and prudent investment practices.
The IFSWF Membership grants the Philippines access to various privileges, such as international recognition, networking, and peer learning opportunities.
President and CEO (PCEO) Rafael Jose D. Consing, Jr. stressed that the MIC is entitled to participate in the IFSWF Annual General Meeting, which will be held in Oman, Muscat, from November 3 to 6, with the membership.
The meeting will engage IFSWF members and financial leaders worldwide in private networking sessions to discuss critical global topics impacting investors today.
Present during the meeting were Department of Finance (DOF) Undersecretary for Privatization and Partnerships Group (PPG) 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 (DBP) PCEO Michael O. de Jesus, and Landbank of the Philippines (LBP) Executive Vice President Carel D. Halog as Alternate Board Member.
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