Pimentel calls out ‘slow progress’ of Maharlika Investment Corp.

November 14, 2024 , 09:41 PM

By Gabriel Kim Leal

(November 14, 2024) – Senators on Thursday asked about the Maharlika Investment Corp. (MIC) over what they described as “slow progress” in setting up its operations, particularly in establishing hiring guidelines for employees.

During the plenary budget deliberation of the proposed 2025 National Expenditure Program, Sen. Kiko Pimentel III asked for updates on the status of MIC, which was created in July 2023 following the signing into law of the Maharlika Investment Fund (MIF).

“Mabagal ano, ang kilos ng Maharlika. They are really experiencing birth pains,” said Pimentel.

Sen. Jinggoy Estrada, meanwhile, noted that Pres. Bongbong Marcos Jr. already approved 44 new positions in MIC, including president and chief executive officer last week.

MIC is under the watch of the Governance Commission for Government Commission for Government-Owned or Controlled Corporations (GCG).

“This GCG and MIC will be creating guidelines for hiring highly technical positions. As of this date, the Maharlika Investment Corp. has not yet submitted guidelines for the evaluation of GCG,” said Estrada.

He also noted that MIC has “ongoing joint memorandums and agreements with different companies for investment undertakings.”

The MIF aims to channel state assets into investments to raise additional public funds. It, however, has faced controversies since its inception due to possible corruption and abuse.

Pimentel previously called for the recall of the MIF to address what he described as “glaring errors and discrepancies.” He also filed a petition before the Supreme Court, questioning the sovereign wealth fund’s economic viability.

Last Tuesday, MIC was questioned for having “no concrete plans” for its supposed investments in the energy sector.

“A lot of it is press releases and just talk and negotiations,” said Sen. Sherwin Gatchalian. “I believe the department is looking at this very seriously.”

(PM)

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