The Maharlika Investment Corporation (MIC) is targeting full membership in the International Forum of Sovereign Wealth Funds (IFSWF) in 2027 as it seeks to align its operations with globally recognized standards for governance, transparency and accountability.
MIC President and Chief Executive Officer Rafael D. Consing Jr. said the country’s sovereign wealth fund has spent the past two years institutionalizing the Santiago Principles, a set of internationally accepted governance and operational standards for sovereign wealth funds.
‘It’s a critical step in order for us to embody that commitment,’ Consing told reporters.
He said MIC must pass a comprehensive 360-degree audit before it can be admitted as a regular member of the IFSWF.
‘Once we’re able to pass this audit, then we would be able to achieve a seal of good housekeeping… or build credibility for the fund moving forward,’ he said.
The MIC applied for IFSWF membership in July 2024 and was accepted as an associate member, giving it three years to implement the Santiago Principles before qualifying for regular membership.
Consing noted that adherence to the Santiago Principles is mandated under Republic Act No. 11954, which created the Maharlika Investment Fund.
The principles cover governance, investment practices, reporting standards and operational management among sovereign wealth funds.
To support its institutional development, MIC signed a memorandum of understanding with Ithmar Capital, Morocco’s sovereign wealth fund.
Under the agreement, the two institutions will exchange best practices and conduct benchmarking and capacity-building activities in areas such as communications, human resources, corporate planning, internal audit and other institutional support functions.
A joint steering committee will oversee a 12-month benchmarking program.
Consing said Ithmar Capital was chosen because of its experience in governance and institutional development.
‘This partnership reflects our belief that sovereign wealth funds can grow stronger together by exchanging expertise, upholding sound governance, and advancing sustainable development,’ said Ithmar Capital Chief Executive Officer Obaid Amrane, who also serves as chairman of the IFSWF.
‘We look forward to supporting MIC on its journey while deepening the ties between Morocco and the Philippines,’ he added.
Consing said the partnership could eventually lead to co-investment opportunities between the Philippines and Morocco in sectors of mutual interest.
‘I’m hoping that this relationship will truly grow, not just in terms of our collaboration in principles and practices and governance and transparency, but in fact one day being able to co-invest in industries that might be beneficial to both,’ he said.