The Maharlika Investment Corporation or MIC will provide the funds to fast-track the implementation of 197 high-impact infrastructure flagship projects worth about P8.7 trillion.

The MIC which oversees the country's first sovereign fund held its first meeting on Wednesday where the members expressed commitment to the full operation of the Maharlika Investment Fund or MIF and its priority areas.

"In today's meeting, we aim to fully operationalize the Maharlika Investment Fund. I look forward to your cooperation and support as we work together in mobilizing greater investments in the country's growth-enhancing sectors," Finance Secretary and MIC chairperson Benjamin Diokno said.

The MIC serves as the fund manager with a capitalization scheme amounting to P125 billion.

MIC president and chief executive officer Rafael Consing Jr. said the MIF will be tapped to develop the country's infrastructure, energy, agroforestry, minerals, transportation and aerospace industries.

These priority areas support the ambitious infrastructure program of the Marcos administration consisting of 197 high-impact flagship projects worth P 8.7 trillion, and its 8-Point Socioeconomic Agenda for poverty reduction and the Philippine Development Plan 2023-2028.

During the meeting, several committees were formed and committee heads were appointed from among the nine-member MIC.

They also include Land Bank of the Philippines President Lynette V. Ortiz, Development Bank of the Philippines president Michael O. de Jesus, and MIC directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco and Roman Felipe Reyes.

Treasury to manage fund

The Bureau of the Treasury will serve as the interim fund manager.

For the committee, Consing nominated Reyes as head of the Audit Committee and Tan as the head for the Risk Management Committee.

Consing recommended other members to lead the additional committees. He picked Gan for the Investment Committee, Lichauco II for the Corporate Governance and Ethics, as well as for Related Party Transactions Committees.

The next MIC meeting is slated in the fourth week of this month.