The Philippines’ Bureau of Treasury (BoT) is seeking applications from those who wish to be considered for the top positions at the country’s future sovereign wealth fund, the Maharlika Investment Fund (MIF).
The BoT says it will begin accepting nominations and applications for the Maharlika Investment Corporation (MIC)’s president and CEO, as well as for regular directors and independent directors. The MIC will be the investment body responsible for the governance and management of the MIF.
The bureau also listed the necessary documentary requirements and qualifications for each position. Under the law passed earlier this year creating the MIF, the MIC will be made up of a board comprising nine members.
Nominations and applications will close on September 27 2023.
However, not all positions on the MIC’s board are open for application. Of the nine-person body, the people who will fill the three permanent positions on it have already been identified by the positions they currently occupy:
- Philippine secretary of finance and MIF proponent Benjamin Diokno (who will serve as chairman of the board)
- Land Bank of the Philippines president and CEO Lynette Ortiz
- Development Bank of the Philippines president and CEO Michael de Jesus.
The board will be completed when a president and CEO, as well as two regular and three independent directors are selected.
Those vying for the position of president and CEO, according to the BoT, must have an advanced degree, such as a master’s or doctorate in finance, economics, business administration or a related field. Additional certifications like certified financial adviser or public accountant are preferred.
The aspiring candidate must also have extensive experience in corporate management, financial planning, strategic planning, market and business development and budget development, and should have at least a decade’s worth of experience in finance or investment in a senior leadership role.
The BoT also stressed that it was looking for a candidate who has an in-depth understanding of the industry, including risk management, compliance and regulatory requirements, as well as strategic knowledge of cash flow and capital planning management at institutions, investment firms or sovereign wealth funds.
Applicants for the regular director positions, the bureau states, should be Filipino citizens who are at least 35 years old, with good moral standing and reputation and with substantial expertise in corporate governance and administration, investment in financial assets, and management of investments in the global and local markets.
All applicants for the regular and independent director positions are required to at least have a master’s degree in finance, economics or business administration, and 10 years of experience in finance, investments, economics, business or a related field at a senior management level.