The Maharlika Investment Corp. (MIC) will apply for Associate Membership in the International Forum of Sovereign Wealth Funds (IFSWF) to its strengthen transparency and good governance.

The Department of Finance (DOF) said the proposal to apply to the IFSWF was approved during the fourth MIC board meeting presided by MIC chairperson, Finance Secretary Ralph Recto, on Feb. 29.

The IFSWF is a voluntary organization of global sovereign wealth funds committed to working together and strengthening the community through dialogue, research, and self-assessment.

It is mandated to help members implement the Santiago Principles, which pertain to the generally accepted principles and practices to ensure the effective operations of sovereign wealth funds globally.

The Maharlika Investment Fund Act of 2023 mandates the adherence of the MIC and the Maharlika Investment Fund (MIF) to the Santiago Principles.

An IFSWF Associate Membership is usually granted for three years, specifically for institutions that are in the early stages of forming their sovereign funds.

The DOF said the MIC board, likewise, approved MIC President and CEO Rafael Jose Consing Jr., MIC Regular Director Vicky Castillo L. Tan, and Independent Director German Q. Lichauco II to be the corporation’s representatives to the IFSWF.