Four new Maharlika directors sworn in

MANILA, Philippines — Four new directors of the Maharlika Investment Corp. (MIC) were sworn in by President Marcos yesterday, Malacañang said.

Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco and Roman Felipe Reyes took their oath before Marcos, formally assuming their roles to “help steer” the Maharlika Investment Fund (MIF).

Tan was a long-time officer in the Asian Development Bank, serving in various capacities from 2002 to 2021.

Prior to her MIC appointment, Tan served as deputy president of SteelAsia Manufacturing Inc. and Maybank Inc.’s independent board of directors and chair of its corporate governance committee.

Gan, a seasoned corporate executive, is currently serving in the Capital Markets Integrity Corp., the “independent audit, surveillance and compliance arm” of the Philippine Stock Exchange Inc.

Lichauco, a seasoned corporate litigator, has been a director and corporate secretary of several firms in the country.

Reyes is currently a director of various entities, including Radio Philippines Network Inc. and Converge ICT Solutions Inc. He is also the current chairman and founding partner of professional services firm Reyes, Tacandong & Co.

Marcos swore in Rafael Consing Jr. as president and chief executive officer of the MIC last month.

The MIF was created by Republic Act 11954, which was enacted in July and intended to draw and sustain high-impact infrastructure and development projects, ease fiscal constraints and maximize expected returns for the country’s investments.

While economic managers of the administration claimed that the MIF is a linchpin for the country’s socio-economic development through strategic investments, critics have been warning against its risks to the Philippine economy and the likely possibility of the wealth fund’s misuse.

A petition seeking to declare the MIF Law unconstitutional remains pending before the Supreme Court.