MAHARLIKA INVESTMENT CORPORATION (MIC) has partnered with veteran banker Rolando G. Peñaflor and Enrico S. Cruz to its board of directors, it said in a statement on Wednesday.
Mr Peñaflor joins as a regular director and is set to serve a three-year term, while Mr Cruz takes a seat as an independent director. MIC said the two were formally welcomed during the fund's weekly meeting.
“His depth of experience and independent perspective will be invaluable as we continue to build a disciplined, transparent and globally trusted sovereign investment institution,” said Rafael D. Consing, Jr., Chairman and Chief Executive Officer of MIC.
Mr Consing said the appointments are aimed at “fostering collective expertise as MIC transitions into a period of decisive capital deployment in priority sectors of the Philippine economy.”
Mr. Peñaflor previously served as Senior Vice President in Corporate Banking at the Bank of the Philippine Islands for 38 years, while also serving as President of Jadiniano Development Corporation, Aspiria Development Corporation and Oro de Siete Productions.
Meanwhile, Mr Cruz has 40 years of experience serving on the boards of five publicly listed companies and five private companies in various industries such as finance, retail, real estate and healthcare.
“Also fulfilling his role as the alternate representative of the Land Bank of the Philippines (LBP), Roderick Sacro is the Executive Vice President of the LBP,” the MIC said.
He was joined by Finance Undersecretary Ma. Angela E. Ignacio and Karel D. Halog, Executive Vice President of the Development Bank of the Philippines.
The MIC, which was launched in 2023, is the sole vehicle responsible for raising and managing the Maharlika Investment Fund, the country's first sovereign wealth fund. – Aubrey Rose A. innocente