represents the bank’s share in the initial seed capital in the Philippines’ pioneering sovereign wealth fund.
Under the law, the national government, DBP and Landbank of the Philippines are mandated to provide the initial capital of the MIC, contributing P50 billion, P25 billion and P50 billion each respectively. He said numerous foreign and domestic investors were eagerly awaiting the full establishment of the MIC, as the national government is expected to complete the process of appointing highly-qualified and capable individuals who will comprise the MIC governing board.
He said the corporation should be able to optimize the use of the government’s financial assets to generate substantial returns and support infrastructure projects in order to promote efficient management of wealth and assets.