Budget Secretary Amenah Pangandaman on Thursday said that eight candidates have already applied for positions on the board of directors at Maharlika Investment Corp.

In an interview with reporters in Makati, Pangandaman said that the recommendations are scheduled to be presented to President Ferdinand Marcos Jr. by Monday, 02 October.

She mentioned that so far, three individuals have applied for the role of president and chief executive officer of the MIC. However, she acknowledged that additional applications might have been received after she received the latest information.

"The information I received initially two weeks ago when we started, it's like there are already seven to eight applicants, mostly from the private sector, not from the government," Pangandaman said.

Several sources also told DAILY TRIBUNE that the submission period for nominations and applications ended last 27 September, while the deliberations on the applicants will take place on 29 September.

MIC is a state-owned entity responsible for overseeing the Maharlika Investment Fund. The MIF is designed to consolidate government funds for investment in significant ventures, including real estate and financial instruments.

On 12 September, the Presidential Communications Office called for applications and nominations, with detailed criteria and information available on the Department of Budget and Management website.

In July, Finance Secretary Benjamin Diokno announced that the MIF is anticipated to start its operations by early 2024, following the enactment of the legislation earlier in the same month.

In January, during his opening remarks at the Philippines Country Strategy Dialogue in Davos, Marcos highlighted the MIF and its role in financing essential infrastructure projects.