Maharlika investment activities may start by Q1 2024 — Diokno

Metro Manila (CNN Philippines, October 2) — The Maharlika Investment Corp. (MIC) may be operational by the first quarter of next year, with the final list of nominees for key positions in the corporation expected on the table of the Palace this week, Finance Secretary Benjamin Diokno said on Monday.

«Yes, kumpleto na po. (Yes it is now complete),» Diokno said of the sovereign wealth fund's initial capital during the Senate hearing on the proposed 2024 budget of the Department of Finance and its attached agencies.

He added contributions have already been secured: ₱50-billion from the Land Bank of the Philippines' (Landbank), ₱25 billion from the Development Bank of the Philippines' (DBP) and ₱31 billion from the Bangko Sentral ng Pilipinas' declared dividends.

READ:Landbank remits ₱50-B for Maharlika fund

https://www.cnnphilippines.com/business/2023/7/22/mif-draws-interest-multilateral-institutions.html

The finance chief also confirmed the list of nominees for the corporation's board of directors will be sent to the Office of the President this week.

«The list of candidates for three positions, the president and CEO of the council, two regular directors and independent directors, that has been prepared already. It will probably be sent to the president within the week,» he said.

«Once we have organized, and I think it will take another quarter, then maybe we will be off and running maybe [in the] 1st quarter of next year,» he concluded. CNN Philippines' correp

CNN Philippines' correspondent Eimor Santos contributed to this story.