Maharlika Investment Corp. Seeks to Join Global Sovereign Wealth Fund Forum

MANILA – The Maharlika Investment Corp. (MIC) is poised to become an associate member of the International Forum of Sovereign Wealth Funds (IFSWF), aiming to bolster its commitment to transparency and governance standards. This move was announced following the approval of the proposal during the MIC’s fourth board meeting, which took place on February 29, under the chairmanship of Finance Secretary and MIC Chairperson Ralph Recto.

According to Philippines News Agency, the IFSWF is a global organization of sovereign wealth funds that focuses on promoting cooperation, dialogue, and best practices among its members. It plays a critical role in assisting funds to adhere to the Santiago Principles, which are recognized guidelines designed to ensure the sound operation of sovereign wealth funds worldwide.

The decision to apply for associate membership aligns with the requirements of the Maharlika Investment Fund Act of 2023, which mandates the MIC and the Maharlika Investment Fund (MIF) to follow the Santiago Principles. Associate Membership in the IFSWF, typically granted for a three-year term, is intended for entities in the preliminary phases of establishing their sovereign wealth funds.

The board has designated 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. The meeting was attended by key figures including Tan, Independent Directors Lichauco, Andrew Jerome Gan, Roman Felipe Reyes, LBP PCEO Lynette Ortiz, and DBP PCEO Michael de Jesus, with the corporation’s advisory body also represented by Officer in Charge Treasurer Sharon Almanza.