MAHARLIKA INVESTMENT CORPORATION UNVEILS OFFICIAL LOGO
The state-owned company that manages the Philippines’ very first sovereign wealth fund has unveiled its official logo.
"This logo signifies our commitment to realizing the vision of MIC for a revitalized, economically vibrant Philippines. As a catalyst for sustainable, inclusive growth, we are champions of progress and models of transparency and accountability,” Maharlika Investment Corporation (MIC) president and CEO Rafael Consing Jr. said in a statement on Thursday.
“Guided by our investment pillars, we are dedicated to elevating the quality of life of the Filipino people and leaving a legacy of prosperity for the country. Together, we will soar towards a brighter future for our nation,” said Consing.
The MIC’s logo pays homage to the Philippine flag with elements inspired by the Philippine eagle.
According to the state-run firm its logos design “reflects the sovereign wealth fund's commitment to building benefits for future generations of the Philippines, while resonating with the themes of rebirth and renewal embodied in the Bagong Pilipinas initiative.”
The MIC serves as the primary vehicle for mobilizing and utilizing the Maharlika Investment Fund for investments in transactions aimed at generating optimal returns on investments.
The MIC's responsibilities include governing and managing the MIF in accordance with the objectives and purposes outlined in Republic Act 11954, as well as other relevant laws, rules, and regulations.
The MIC is governed by a nine-member board of directors made up of the Finance secretary as chairperson, the MIC president and CEO, the Land Bank of the Philippines president and chief executive officer, the Development Bank of the Philippines president and CEO, two regular directors, and three independent directors from the private sector.
Under the law, the Maharlika Investment Corporation has an authorized capital stock of P500 billion, P375 billion of which shall have corresponding common shares available for subscription by the national government, its agencies or instrumentalities, government-owned and controlled corporations or GFIs, and government financial institutions.
Its initial capitalization is sourced from the national government and the country’s two largest state-run banks. The LandBank has transmitted P50 billion and the DBP P25 billion to the Maharlika Fund.
The national government will contribute P50 billion from the following sources:
- Bangko Sentral ng Pilipinas' total declared dividends
- National government's share from the income of PAGCOR Properties, real and personal identified by the DOF-Privatization and Management Office
- Other sources such as royalties and/or special assessments
The remaining P125 billion in capital shall have corresponding preferred shares available for subscription by the national government, its agencies or instrumentalities, GOCCs or GFIs, and reputable financial institutions and corporations.
MIC is eyeing to make its first investment by the end of the year, likely to be in the renewable energy sector, as the company is finalizing its organizational structure. — BM, GMA Integrated News
This article Maharlika Investment Corporation unveils official logo was originally published in GMA News Online.
2024-04-18T12:04:50Z dg43tfdfdgfd