MIC has received a total of eight applications for the sovereign wealth fund since the candidate search began, according to Budget Secretary Amenah F. Pangandaman in a statement to reporters on Wednesday.
She mentioned that there were three or more candidates vying for the role of chief executive officer (CEO).
“I received this initially. There were three applications for the CEO role. I assume there have been more since then. That was two weeks ago,” she stated.
The application and nomination process for roles in the MIC opened on September 12 and will close on Wednesday.
According to Ms. Pangandaman, the majority of applicants were bankers, with some hailing from other countries.
She mentioned that she will receive a report on the total number of applications on Friday and will assist in the deliberation process for candidates.
There are six open positions in total: President and CEO of the MIC, two regular directors, and three independent directors. Ms. Pangandaman stated that recommendations will be presented to President Ferdinand R. Marcos, Jr. on October 2nd.
The Secretary of Finance will serve as the chairperson of the MIC, in an official capacity. The board will also consist of the president and CEO of LANDBANK and DBP.
The MIC will follow the guidance of an advisory committee consisting of the secretaries of the Department of Budget and Management, the National Economic and Development Authority, and the national treasurer.
The MIC will be responsible for managing the Maharlika Investment Fund (MIF), which will have a total authorized capital of P500 billion ($8.9 billion). The initial funding of P125 billion will be provided by the National Government (P50 billion), LANDBANK (P50 billion), and DBP (P25 billion).
According to Finance Secretary Benjamin E. Diokno, MIF is projected to commence activities in 2024, as announced in July by Aaron Michael C. Sy.