MANILA – The Maharlika Investment Corp. (MIC) is poised to seek Associate Membership within the International Forum of Sovereign Wealth Funds (IFSWF) to bolster transparency and enhance governance practices.
According to a statement released on Friday by the Department of Finance (DOF), the proposal to pursue membership in the IFSWF gained approval during the fourth MIC board meeting chaired by MIC’s head, Finance Secretary Ralph Recto, on Feb. 29.
The IFSWF stands as a voluntary coalition of sovereign wealth funds worldwide, dedicated to fostering collaboration, conducting research, and undertaking self-assessment to reinforce the community’s cohesion.
The organization is tasked with aiding its members in implementing the Santiago Principles, a set of widely accepted norms and procedures designed to ensure the efficient functioning of sovereign wealth funds on a global scale.
The Maharlika Investment Fund Act of 2023 mandates MIC and the Maharlika Investment Fund (MIF) to adhere to the Santiago Principles.
Typically, Associate Membership in the IFSWF is granted for a period of three years, primarily intended for institutions in the early stages of establishing their sovereign funds.
The DOF further stated that the MIC board approved the designation of MIC President and CEO Rafael Jose Consing Jr., MIC Regular Director Vicky Castillo L. Tan, and Independent Director German Q. Lichauco II as the corporation’s representatives to the IFSWF.
Among those in attendance during the fourth board meeting were Tan, MIC Independent Directors Lichauco, Andrew Jerome Gan, and Roman Felipe Reyes, LBP PCEO Lynette Ortiz, and DBP PCEO Michael de Jesus.
The MIC’s advisory body, represented by Officer in Charge Treasurer Sharon Almanza, was also present during the meeting.
(el Amigo/MNNM)