By Junex Doronio

RACING AGAINST THE September 27 deadline, several applications have been submitted after the opening of nominations for the board of directors of the Maharlika Investment Corp. (MIC), a finance official has disclosed.

In a recent business forum in Pasay City, Finance Assistant Secretary Eufrocinio Bernabe Jr. said the governing body of the country’s first sovereign wealth fund is in search of a president and CEO, 2 regular directors, and 3 independent directors.

“Some have submitted already and we have the papers, so I think once the deadline is reached, the process will move on,” he said.

Bernabe expressed hope that the Maharlika fund will be running by the end of the year.

“Once that application has been received, we will shortlist all candidates and then the board of directors will elect from that side Chief Executive Officer and then form the plantilla for the positions of the Maharlika Investment Fund,” the finance official further said.

During the forum attended by select entrepreneurs, Bernabe explained that Maharlika, being the country’s first sovereign wealth fund, will serve as an “additional source and financing mode for priority projects of the Philippines.”

“The fund aims to attract the participation of local and foreign capital to make direct equity investments in the Philippines,” he added.