MIC holds first board meeting, approves P125B capitalization

The Maharlika Investment Corporation (MIC) held its first board meeting on Wednesday to fully operationalize the Philippines' first sovereign wealth fund, approving a P125 billion capitalization scheme sourced from state lenders and the national government.

Finance Secretary Benjamin E. Diokno, who chairs the MIC board in an ex-officio capacity, emphasized the importance of mobilizing investments in key sectors such as infrastructure, energy, transportation, power, agroforestry industrial urbanization, mineral processing, tourism, and aerospace and aviation.

MIC President Rafael Consing Jr. highlighted the fund's alignment with recent policy initiatives aimed at boosting foreign investments and high-impact infrastructure projects, while emphasizing transparency and accountability.

During the meeting, Mr. Diokno reiterated his commitment to upholding fiscal responsibility and good governance as the MIC moves forward with its startup activities such as staffing and recruitment of a management team.

The next MIC Board Meeting is scheduled for the fourth week of January 2024.