Maharlika Investment Corp. holds inaugural board meeting

MIC President and CEO Rafael Consing Jr. (INQUIRER FILE PHOTO)

MANILA, Philippines — The Maharlika Investment Corp. (MIC) held its inaugural board meeting on Wednesday during which nominees for various committees were discussed.

The MIC board, which is the governing body for the Maharlika Investment Fund (MIF), also spoke about which sectors to focus on.

“The Board discussed the fund capitalization and potential sectors to tap to achieve multigenerational commercial, economic, and social development value creation. It likewise nominated Chairpersons for Board Committees, created additional Committees, and tackled other administrative matters,” the Department of Finance said in a Palace statement.

READ: DOF chief Diokno: Maharlika fund IRR revisions ‘within bounds of law’

READ: Revised Maharlika fund rules have enough safeguards vs abuse – 2 solons

The meeting was attended by Finance Secretary Benjamin E. Diokno, MIC President and Chief Executive Officer (PCEO) Rafael D. Consing, Land Bank of the Philippines President and CEO Ma. Lynette V. Ortiz, and Development Bank of the Philippines President and CEO Michael O. de Jesus.

The controversial MIF breezed through Congress despite questions about its legality. President Ferdinand Marcos Jr. himself certified the bill as urgent.

Consing was named the MIC president and CEO in November 2022.