MAHARLIKA FUND | Marcos swore in four new Maharlika fund directors

December 20, 2023 , 10:05 PM

By Clarist Zablan

(December 20, 2023) – President Ferdinand Marcos Jr has sworn in four new directors of the Maharlika Investment Fund (MIF), the presidential press office said on Wednesday making the state-owned investment fund operational before the end of the year.

The presidential communications office said Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco, and Roman Felipe Reyes were named directors of the Maharlika Investment Corporation (MIC).

Tan, a long-time officer of Manila-based Asian Development Bank (ADB), had served in the multilateral lending institution in various positions until 2021.

Before her appointment to Maharlika, she was also a deputy president of rebar production company SteelAsia Manufacturing Inc. and an independent member of May Bank Inc.’s board.

Gan, on the other hand, served as a director of the board and a member of the audit committee and compensation committee of Capital Markets Integrity Corp. (CMIC), a wholly-owned subsidiary of the Philippine Stock Exchange, Inc.

Lichauco, a lawyer by profession, had previously served executive roles in Sharp Philippines Corp., Makati Medical Center Foundation Inc., the Medical Doctors Inc., and the Soho Central Condominium before his appointment in MIF.

For his part, Reyes is a director of partly state-owned Radio Philippines Network Inc. (RPN 9), investment management company Pampanga Sugar Development Co. (Pasudeco), sugar trading company All-Asian Countertrade, Philippine Geothermal Production Co.; and telecommunications firm Converge ICT Solutions Inc.

Last month, President Ferdinand Marcos Jr. appointed Rafael Consing Jr. as president and chief executive officer (CEO) of the MIC.

Consing was previously appointed as executive director of the Office of the Presidential Adviser on Investment and Economic Affairs. Before this, he also took executive roles in Enrique Razon-owned International Container Terminal Services Inc. (ICTSI), Aboitiz group and HSBC.

Marcos and his allies have touted the MIF as a way for the government to generate revenues and promote economic growth in the country. But minority lawmakers and some economists have raised concerns that the fund lacked sufficient safeguards to prevent misuse.

Last September, Senate Minority Leader Koko Pimentel joined former lawmakers from party-list group Bayan Muna in filing a petition in the Supreme Court, asking the high court to declare the state-owned fund as unconstitutional.

In a speech last October, Marcos said the government plans to make the Maharlika fund operational before the end of the year.

(MM)

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