NextGen Day

Manila – President Ferdinand R. Marcos Jr. clarified on Tuesday that Department of Finance (DOF) Secretary Benjamin Diokno will be part of the Maharlika Investment Corp. (MIC) in an ex-officio capacity. Still, he will not have the authority to run the Maharlika Investment Fund (MIF).

The President emphasized that the designation of the DOF chief is in line with his commitment to ensuring that the utilization of the MIF remains free from political influence. Instead, the fund will be managed by finance professionals.

“He (Diokno) should not be the chair because that was the original. The original proposal was that the President be the chair. I said I don’t think it should be that way because I will run the fund. That’s unacceptable because I’m from politics. It should not be tainted with politics,” Marcos explained during a press conference.

After rejecting the proposal to have the President as the chair, the next suggestion was to make the DOF secretary the chairperson. However, Marcos declined this idea as it still implied that the DOF would be responsible for running the MIF.

“The next plan was to make the DOF as chairperson. I also rejected the proposal. Now, the government is interested in the Maharlika Fund, so we must have a representative. So under the law, the DOF will serve as an ex officio member,” he added.

Marcos emphasized that decisions regarding the management of the Maharlika Fund should be made based on what is best for the fund rather than influenced by political considerations.

The MIF, the Philippines’ first-ever sovereign wealth fund, is created under Republic Act 11954 or the MIF Act of 2023. It aims to invest in various assets, including foreign currencies, fixed-income instruments, corporate bonds, joint ventures, real estate, infrastructure projects, and sustainable development projects. The nine-member MIC, chaired by an Independent Director, will be responsible for the overall governance and management of the Fund, expected to be fully operational by end-2024.

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