Search on for Maharlika managers

MANILA, Philippines — Potential candidates who will manage the country’s first sovereign wealth fund can apply and be nominated until Sept. 27.

In a notice released yesterday, the Bureau of the Treasury formally opened the nominations and applications for the Maharlika Investment Corp. (MIC).

“Nominations and applications will close on Wednesday, Sept. 27, 2023,” the Treasury said.

The Treasury also released the documentary requirements and qualifications for each position.

The MIC will be the investment body responsible for the overall governance and management of the MIF.

Based on the law, the MIC will be governed by a board of directors with nine members.

Of the nine posts, three have been automatically filled, with Finance Secretary Benjamin Diokno as chair.

The two others are Land Bank of the Philippines president and CEO Lynette Ortiz and Development Bank of the Philippines president and CEO Michael de Jesus.

As such, six posts remain namely, CEO, two regular and three independent directors from the private sector.

Based on the notice, the CEO, independent and regular directors should submit several documentary requirements.

These include application letter, personal data sheet, work experience sheet, performance evaluation in the last two years, as well as diploma and transcript of records.

Also required are certificates of training and seminars, certificate of eligibility, rating or license, certificate of employment, and other documents that may be required by the Civil Service Commission.

In terms of qualification, the CEO must have a master’s degree in finance, economics, business administration, or a related field from a reputable university.

Additional professional certifications such as certified financial analyst or certified public accountant is also preferred.

The CEO should have exceptional experience and expertise in corporate management, financial planning strategy, strategic planning and vision, market and business development, and budget development.

The top post also requires at least 10 years of experience in finance or investment and 10 years in a senior leadership role in a reputable financial institution or public and private sector organization.

The CEO likewise should have an in-depth understanding of the industry, including risk management, compliance, and regulatory requirements, as well as strategic knowledge of cash flow and capital planning management institutions, investment firms, or sovereign wealth funds.

On the other hand, the two regular directors should be at least 35 years old, Filipino citizens with good moral standing and reputation and with substantial expertise in corporate governance and administration, investment in financial assets, and management of investments in the global and local markets.

Both regular and independent directors should have master’s degrees in finance, economics, or business administration.

They should also have at least 10 years of experience in finance, investments, economics, business, or a related field.

This experience should ideally include roles at a senior management level or within a board of directors of reputable financial institutions, investment firms, or sovereign wealth funds.

Both directors must have a strong track record of making strategic decisions, driving investment performance, understanding international financial markets, macroeconomic trends, and geopolitical influences, identifying and mitigating investment and operational risks, and ensuring prudent risk management practices.

They should have demonstrated commitment to the highest ethical standards, integrity, and compliance with relevant laws and regulations.

The MIC is tasked to identify financially and commercially viable infrastructure projects to invest in and will formulate investment strategies covering emerging megatrends such as environment, social and governance, digitalization, and healthcare.