Top officials and members of the Maharlika Investment Corporation (MIC) convened in an ianugural board meeting to tackle Maharlika Investment Fund's (MIF) capitalization and administrative matters, according to the Department of Finance (DOF) on Wednesday, January 3.

In a press release posted on its official Facebook page, DOF reported that the annual board meeting was spearheaded by DOF Secretary Diokno and MIC President and Chief Executive Officer Rafael Consing Jr., who serve as chairperson and vice chairperson, respectively.

"The Board discussed the fund capitalization and potential sectors to tap to achieve multigenerational commercial, economic, and social development value creation," it stated.

DOF added that the MIC top officials and members nominated the chaipersons for board committees and had agreed to create additional committees.

MIF's advisory body, which is composed of representatives from the Department of Budget and Management and Bureau of the Treasury, also participated in the ianugural board meeting.

The meeting was held a month after President Ferdinand 'Bongbong' Marcos Jr. sworn in four new MIC directors and appointed Consing as the MIC President and Chief Executive Officer.

The MIC is an independent corporate body that governs and manages the MIF, a sovereign wealth fund that aims to optimize the national funds and generate returns to support the government’s economic goals.