Finance Secretary Benjamin Diokno. FILE PHOTO
MANILA, Philippines — The Maharlika Investment Corp. (MIC) may be off and running in the first quarter of 2024, Finance Secretary Benjamin Diokno told senators on Monday.
The company has been tasked to manage the country’s first sovereign wealth fund, known as the Maharlika Investment Fund.
Diokno confirmed during the hearing of the Senate committee on finance that the MIC has already secured its needed capital to start its operations.
“Kumpleto na po, P75 billion plus there’s a P31 billion declared dividend by the BSP (Bangko Sentral ng Pilipinas (BSP). We can also use that,” Diokno said, responding to Senator Sherwin Gatchalian’s queries.
Though its authorized capital stock is P500 billion, the company can start operating with an initial P125 billion.
Of the P125 billion, P50 should come from the Land Bank of the Philippines, P25 billion from the Development Bank of the Philippines billion, and another P50 billion from the national government through dividends from the BSP.
The list of candidates for three positions in the MIC — president and chief executive officer, two regular and three independent directors—may also be submitted to resident Ferdinand “Bongbong” Marcos Jr. within the week, Diokno said.
“So once we’ve organized, and I think that will take another quarter, then maybe we’ll be off and running, maybe the first quarter of next year,” he said.
Gatchalian again clarified if this means the company will start operating and investing in infrastructure projects by the first quarter of 2024, and the finance chief answered in the affirmative.
“That’s the idea, your honor,” Diokno said.