THE Maharlika Investment Corp. (MIC) is being looked to seek an application with the Associate Membership in the International Forum of Sovereign Wealth Funds (IFSWF).

According to the Department of Finance, this is to strengthen transparency and good governance.

The DOF said that the proposal to apply to the IFSWF had been approved during the fourth MIC board meeting presided by MIC chairperson, Finance Secretary Ralph Recto.

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.

The said organization is tasked to help members implement the Santiago Principles.

This pertains to the generally accepted principles and practices to ensure the effective operations of sovereign wealth funds globally.

Recto said the Maharlika Investment Fund Act of 2023 tasked 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.