THE Bureau of the Treasury (BTr) said it has started accepting nominations and applications for top positions in the Maharlika Investment Corp. (MIC), with the nomination deadline set for late September.
The positions to be filled are president and chief executive officer (CEO), independent directors, and regular directors, it said.
“Nominations and applications will close on Wednesday, Sept. 27,” the BTr said in an advisory on its website.
The MIC board will manage the Maharlika Investment Fund (MIF), a sovereign wealth fund.
In July, President Ferdinand R. Marcos, Jr. signed into law Republic Act No. 11954 or the Maharlika Investment Fund Act of 2023. The law’s implementing rules and regulations (IRR) were released this month and will take effect on Sept. 12.
The MIC board will be composed of the Finance secretary as ex-officio chair, the MIC president and CEO as the vice chair, the Land Bank of the Philippines president and CEO, the Development Bank of the Philippines president and CEO, two regular directors and three independent directors.
Under the IRR, the MIC president and CEO must have an advanced degree (MBA, MA, MSc, PhD) in finance, economics, business administration, or any related field from a reputable university.
The position also requires a minimum of 10 years in a senior leadership role in a “reputable financial institution or public or private sector organization.”
Regular directors must be Filipino citizens, at least 35 years old, of “good moral standing and reputation, of recognized probity and independence (with) substantial experience and expertise in corporate governance and administration, investment in financial assets, and/or management of investments in the global and local markets.”
The independent directors must have “probity, competence, expertise and experience in finance, economics, investments, business management, or law, and are able to contribute to the attainment of the objectives and purposes of the MIF.”
Regular and independent directors are both required to have a master’s degree in finance, economics, business administration and must have at least 10 years’ experience in finance, investment, economics, business, or any related field.
The list of nominees must be submitted to the Office of the President not later than 30 days from the effectivity of the IRR. — Luisa Maria Jacinta C. Jocson
