APPOINTMENTS FOR VACANT POSITIONS AT MAHARLIKA INVESTMENT CORP. ON THE HORIZON — DIOKNO

FINANCE Secretary Benjamin Diokno recently disclosed that appointments for vacant positions within the Maharlika Investment Corp. (MIC) are expected to be announced later this month.

Nominations for these positions were closed last Wednesday. The advisory body, comprising the heads of the Budget Department, the National Economic and Development Authority, and the Bureau of the Treasury, concluded the application period for several key positions in MIC on September 27, 2023.

“The advisory body will transmit the final list of nominees to the Office of the President on or before October 12, 2023. Subsequently, the President of the Philippines will appoint the most qualified candidates for their respective roles,” Diokno said.

The MIC, responsible for managing the nation’s inaugural sovereign wealth fund, will feature a nine-member board. Three positions have already been filled, with Mr. Diokno serving as the ex-officio chairman, and the presidents and CEOs of the state-owned Land Bank of the Philippines and Development Bank of the Philippines, primary contributors to the Maharlika Fund, also securing seats.

Yet to be named are the MIC’s president and CEO, who will also serve as the vice chair, two regular directors with three-year terms, and three independent directors from the private sector with one-year terms that may be renewed annually for a maximum of nine years.

Secretary Diokno explained, “The selection process involves two stages. First, the technical team will present the list to the advisory body, which includes the DBM Secretary, NEDA Director General, and National Treasurer. The next stage is the Office of the President.”

Secretary Diokno emphasized that the success of the Maharlika Fund hinges on the appointment of highly qualified individuals.

The MIC has an initial capitalization of P125 billion, with LandBank and the DBP having already transferred their contributions of P50 billion and P25 billion, respectively, to the Bureau of the Treasury as founding government financial institutions. The remaining P50 billion will be provided by the national government.

(ai/mnm)