Key Takeaways
- • Outgoing Maharlika Investment Corporation (MIC) President and CEO Rafael "Joel" Consing Jr. expects the state-run firm to become a full-fledged member of the International Forum of Sovereign Wealth Funds (IFSWF) by the end of 2026.
- • Full membership is expected to be taken up by the IFSWF board within days, according to Consing, who spoke on Bilyonaryo News Channel's "Business 360."
- • Consing said the Maharlika Investment Fund law already incorporates the 24 Santiago Principles, and that IFSWF membership is the best route to putting them into practice.
- • Full membership would enable networking with other sovereign wealth funds and co-investment invitations in local ventures.
- • MIC remains focused on domestic investments as a national development fund and has not yet decided on overseas investing.
- • Consing's term as head of the Philippines' first sovereign wealth fund ends on November 23.
Summary
Outgoing Maharlika Investment Corporation (MIC) President and CEO Rafael "Joel" Consing Jr. expects the state-run firm to become a full-fledged member of the International Forum of Sovereign Wealth Funds (IFSWF) by the end of the year, according to Politiko.com.ph. Speaking in an interview on Bilyonaryo News Channel's "Business 360," Consing said an IFSWF forum was underway in Greece with MIC representatives in attendance.
Consing said full membership would be taken up by the IFSWF board "in the next couple of days," and he expressed hope that MIC would become a full-fledged member by year-end. He noted that the law creating the Maharlika Investment Fund already incorporates the Santiago Principles, a set of 24 Generally Accepted Principles and Practices upheld by IFSWF members. The principles take their name from Santiago, Chile, where they were originally signed. Joining the body, he said, is the best way to put these standards into practice.
Consing also cited practical benefits of full membership, including networking with other sovereign wealth funds and inviting them to co-invest in local ventures. For now, MIC remains focused on domestic investments as a national development fund and has yet to decide whether to invest overseas.
Consing's term as head of the Philippines' first sovereign wealth fund is set to end on November 23.
Consing said full membership would be taken up by the IFSWF board "in the next couple of days," and he expressed hope that MIC would become a full-fledged member by year-end. He noted that the law creating the Maharlika Investment Fund already incorporates the Santiago Principles, a set of 24 Generally Accepted Principles and Practices upheld by IFSWF members. The principles take their name from Santiago, Chile, where they were originally signed. Joining the body, he said, is the best way to put these standards into practice.
Consing also cited practical benefits of full membership, including networking with other sovereign wealth funds and inviting them to co-invest in local ventures. For now, MIC remains focused on domestic investments as a national development fund and has yet to decide whether to invest overseas.
Consing's term as head of the Philippines' first sovereign wealth fund is set to end on November 23.
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