Maharlika Investment Corporation (MIC), the state-owned company that will manage the country’s first sovereign wealth fund, is expected to begin its investment activities in the first quarter of 2024.
Maharlika Investment Corporation , the state-owned company that will manage the country’s first sovereign wealth fund, is expected to begin its investment activities in the first quarter of 2024. During his weekly media briefing, Finance Secretary Benjamin Diokno expressed optimism that the Maharlika Investment Fund will be fully operational by the end of 2023.
The MIC’s Board of Directors will be composed of a president and CEO; the Finance secretary, who will serve as the ex-officio chairperson; the presidents of Land Bank of the Philippines and Development Bank of the Philippines; two regular directors; and three independent directors from the private sector. Diokno said once the MIC Board is complete, it will conduct its first meeting, marking the operationalization of the sovereign wealth fund.
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