THE Maharlika Investment Corp. (MIC) has received at least eight applications since the candidate search for the sovereign wealth fund began, Budget Secretary Amenah F. Pangandaman told reporters on Wednesday.

At least three applicants were seeking the chief executive officer (CEO) position, she added.

“That’s what I got initially. Three of the applications were for the CEO position. I’m guessing more came in. That was two weeks ago,” she said.

Applications and nominations for positions in the MIC began on Sept. 12, with the deadline expiring on Wednesday.

Most applicants were bankers, and some are from overseas, Ms. Pangandaman noted.

She added that the total applications will be reported to her on Friday, when she will help conduct candidate deliberations.

Six positions overall are available: President and CEO of the MIC, two regular directors and three independent directors. Recommendations will be made to President Ferdinand R. Marcos, Jr. on Oct. 2, Ms. Pangandaman said.

The MIC will be chaired by the Secretary of Finance, in an ex-officio capacity. The board will also include the president and CEO of the Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP).

The MIC will be guided by an advisory body composed of secretaries of the Department of Budget and Management, the National Economic and Development Authority, as well as the national treasurer.

The MIC, which will oversee the Maharlika Investment Fund (MIF), will have an authorized capital stock of P500 billion ($8.9 billion). The initial P125 billion in funding will come from the National Government (P50 billion) LANDBANK (P50 billion) and DBP (P25 billion).

MIF is expected to launch operations in 2024, Finance Secretary Benjamin E. Diokno said in July. — Aaron Michael C. Sy

RELATED ARTICLESMORE FROM AUTHOR