MIC wants to join global network of SWF
Louise Maureen Simeon – The Philippine Star March 3, 2024 | 12:00am Speaker Ferdinand Martin G. Romualdez, with fellow lawmakers, applauds President Ferdinand R. Marcos, Jr. after the Chief Executive signed into law the bill establishing the Maharlika Investment Fund (R.A. 11954) in rites held at Malacanang Palace. Office of House Speaker Martin Romualdez MANILA, […]
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Louise Maureen Simeon – The Philippine Star
March 3, 2024 | 12:00am
Speaker Ferdinand Martin G. Romualdez, with fellow lawmakers, applauds President Ferdinand R. Marcos, Jr. after the Chief Executive signed into law the bill establishing the Maharlika Investment Fund (R.A. 11954) in rites held at Malacanang Palace.
Office of House Speaker Martin Romualdez
MANILA, Philippines — State-run Maharlika Investment Corp. (MIC) is applying to be a member of the global network of sovereign wealth funds (SWF) in a bid to boost transparency and good governance.
Finance Secretary and MIC chair Ralph Recto recently approved the proposal for MIC to join the International Forum of Sovereign Wealth Funds (IFSWF), a voluntary global organization of SWF.
The MIC is applying for an associate membership, which is specifically for institutions that are in the early stages of forming their own SWF.
Associate members are exempt from membership fees and do not have voting rights. It is usually granted for up to two years before an institution could apply for full membership.
Since 2009, the IFSWF has been setting governance standards and now represents and facilitates knowledge sharing between approximately half the world’s SWF.
The organization is also mandated to help members implement the Santiago Principles, which pertain to the generally accepted practices to ensure the effective operations of SWF.
The MIC’s application is also in line with the Maharlika Investment Fund Act’s mandate to the Santiago Principles.
MIC president and CEO Rafael Consing Jr. and MIC directors Vicky Tan and German Lichauco will be the representatives to the IFSWF.
Just recently, Consing said the MIC targets to secure $1 billion (P56 billion) to fund energy projects via partnership with other SWF and private equity.
The IFSWF aims to help members improve their governance and accountability structures and practices. It also seeks to aid members raise their expected risk-adjusted returns on specific governance, investment and operational issues.
The IFSWF Board is currently composed of officials from the SWFs of Morocco, Alaska, Singapore, China and France.
