American banking giant Citi is open to leveraging its global network and financial expertise to spur investments in state-run Maharlika Investment Corp. (MIC) which is managing the country’s first sovereign wealth fund.

In a spot interview at the sidelines of the Indo-Pacific Business Forum on Tuesday, Citi Philippines CEO Paul Favila said the bank can explore ways of assisting the wealth fund in identifying and attracting investors.

“Citi is always looking to find ways and means for us to support the Philippines and to make sure Citi’s resources and presence will make a difference in the country. If there are opportunities within the Maharlika framework then we are very much happy to look into that as well,” Favila said.

Investors and investments

“Primarily to try to find potential investors into the fund and also potential good investments for the fund, both locally and abroad, depending on the objectives of the Maharlika,” he added.

Last month, MIC and the Bases Conversion and Development Authority (BCDA) inked a memorandum of understanding to explore investment collaboration opportunities.

MIC president and CEO Rafael Consing in February said the MIC is set to make its first investment — likely to be in the renewable energy sector — by the end of 2024.

The MIC serves as the primary vehicle for mobilizing and utilizing the Maharlika Investment Fund for investments in transactions aimed at generating optimal returns on investments.

Fund’s objectives

In line with Republic Act 11954 and other pertinent laws, rules and regulations, the MIC is tasked with the governance and management of the MIF to achieve the fund’s objectives and purposes.

The MIC has an authorized capital stock of P500 billion, P375 billion of which shall have corresponding common shares available for subscription by the national government, its agencies or instrumentalities, government-owned and controlled corporations, and government financial institutions.