Maharlika names two independent directors

State-owned sovereign wealth fund Maharlika Investment Corporation (MIC) announced the appointment of two banking and finance veterans to its Board of Directors.

In a Wednesday press release, MIC named Rolando Peñaflor and Enrico Cruz as independent directors.

Peñaflor spent 38 years at the Bank of the Philippine Islands (BPI), where he served as senior vice president for corporate banking. He also previously led Jardiniano Development Corporation, Aspirea Development Corporation, and Oro de Siete Productions.

Cruz joins the board with four decades of experience, having served on the boards of five publicly listed and five private companies across the finance, retail, real estate, and healthcare sectors.

MIC is a government-owned and controlled corporation (GOCC) established in 2023 to govern, manage, and operate the Maharlika Investment Fund — the country’s first sovereign wealth fund. It aims to generate sustainable returns and support national development through diversified, long-term investments locally and internationally.

The corporation functions as the fund’s manager, determining investment strategies, allocating capital, and overseeing overall performance.

With their appointments, Peñaflor and Cruz join Finance Secretary Frederick Go, who serves as board chair, and MIC President and CEO Rafael Consing Jr., who serves as vice chair. Finance industry veterans Stephen Cu-Unjieng and Roman Felipe Reyes also serve as independent directors of the investment and audit committees, respectively.

Earlier this month, MIC confirmed that Consing Jr. was elected as an additional member of the Board of Directors of Asian Terminals Inc. (ATI) during the company’s special stockholders’ meeting. The move followed MIC’s intended purchase of up to an 11.2 percent stake in ATI, partly to secure resilient cash flow and align with its mandate to invest in strategic real-economy assets.

“We are deploying the Fund to capture value from critical utilities that possess high barriers to entry and a direct correlation to the country’s GDP growth. This ensures that our portfolio is resilient, cash-generative, and aligned with national progress,” Consing said previously.

To date, the fund has focused on strategic infrastructure, energy, mining, and regional investment partnerships. It invested about $350 million for a 20 percent stake in Synergy Grid & Development Philippines, launched a $1 billion private equity partnership with Thailand’s Charoen Pokphand Group, extended a $76 million bridge loan to Makilala Mining Company, and participated in logistics and port-related investments.

However, the fund has faced criticism. Its rapid legislative passage drew concerns over transparency, public oversight, and risk management, with questions raised about the use of public funds and disclosure practices. Last year, rumors linked a convicted executive connected to Malaysia’s 1MDB scandal to the Maharlika Fund — claims MIC strongly denied.