November 26, 2024 | 12:00am
MANILA, Philippines — The Governance Commission for Government-Owned or Controlled Corporations (GCG) is eyeing the completion of the organizational structure of state-run Maharlika Investment Corp. (MIC) by early next year.
On the sidelines of the GCG Awards Ceremony yesterday, GCG chairman Marius Corpus said the interim staffing pattern covering non-highly technical positions and their compensation had been approved by President Marcos earlier this year.
This would enable the MIC to fill 42 roles.
However, finalizing the guidelines for highly technical positions, including compensation, remains a work in progress.
“President Marcos has instructed us to coordinate with Maharlika to come up with the guidelines. That’s what we’re doing,” Corpus said.
“The Maharlika law states that the Maharlika board will determine which positions are highly technical and set their compensation. These roles will be exempted from the standard compensation and classification system which we enforce.”
The MIC’s leadership roles so far include MIC president and CEO Rafael Consing Jr., MIC chair and Finance Secretary Ralph Recto, Land Bank of the Philippines president and CEO Lynette Ortiz and Development Bank of the Philippines president and CEO Michael de Jesus.
Also included are MIC directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco and Roman Felipe Reyes, as well as the MIC advisory board.
According to Corpus, the GCG is working on the definition of highly technical positions critical to MIC’s investment operations as there is a need for specialized expertise to manage the corporation’s portfolio.
“You can’t just recruit anybody for these roles. They need special qualifications, particularly in handling investments,” he said. “We’re finalizing the job descriptions and ensuring the compensation is competitive with the private sector.”
Performance-based pay, a concept earlier raised by Recto, is also among the proposals under consideration.
“It’s one of the ideas on the table,” Corpus said.
While the guidelines are expected to be finalized next year, Corpus said the timeline remains dependent on approvals from Malacañang.
“We will elevate the guidelines to the Office of the President, but we can’t determine when they will be approved,” he said. “We’re looking at maybe early next year, but discussions are still ongoing.”
Despite the incomplete organizational structure, MIC can already engage in investment activities, Corpus said.
“Consing and MIC’s board of directors are capable of moving forward with negotiations and contracts,” he said.
“They can make investments now. The board and CEO are in place, but the full organization, including staff support, needs to be set up to move forward smoothly.”
The MIC is responsible for mobilizing and utilizing the Maharlika Investment Fund for investments in transactions aimed at generating optimal returns.
Sectors that may potentially be tapped include infrastructure, oil, gas, and power, agroforestry industrial urbanization, mineral processing, tourism, transportation and aerospace and aviation.
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