MANILA, Philippines — One year after President Ferdinand Marcos Jr. signed the law creating the controversial Maharlika Investment Fund, the body overseeing it has finalized the investment and risk management framework.
The framework was approved by the Maharlika Investment Corporation (MIC) when it held its 12th Board Meeting on Thursday, which led by MIC Chairperson and Finance Secretary Ralph Recto
According to the Department of Finance (DOF), the framework includes the MIC’s overall mission, governance structure, as well as its investment approach from 2024 to 2028.
“The framework specifically outlines the detailed policies, strategies, and risk management practices guiding the MIC’s investment decision-making and portfolio management,” the Department of Finance said in a statement on Friday.
Under Republic Act 11954 or the Maharlika Investment Fund Act of 2023, the MIC would not be able to make investments without these frameworks.
This development from the MIC came after The STAR reported that MIC president and CEO Rafael Consing had asked for P2.5 million per month as a salary.
The MIC was also able to join the International Forum of Sovereign Wealth Funds (IFSWF), which would connect it to investors, financial leaders and experts from around the world.
The IFSWF is an organization of global sovereign funds with over 50 members from across the world. It aims to implement the Santiago Principles, which are the globally accepted principles and practices when it comes to managing sovereign wealth funds.
According to the DOF, the Philippines will now be able to join the IFSWF Annual General Meeting to be held in Oman from Nov. 3 to 6, 2024.
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