THE MAHARLIKA Investment Corp. (MIC) has appointed investment banker Stephen Anthony T. CuUnjieng as an independent director.
MIC President and Chief Executive Officer (CEO) Rafael D. Consing, Jr. on Tuesday said the appointment of Mr. CuUnjieng as chair of the investment committee took effect on July 1.
“The Maharlika Investment Fund operates on a different timeline than most investment vehicles; its primary duty is to cultivate long-term, intergenerational wealth for the Philippines. Mr. CuUnjieng’s appointment is a testament to our commitment to that prudent, long-view approach,” he said in a Viber message.
Mr. Consing said the appointee brings the “sophisticated judgment” needed to navigate market cycles and identify assets that offer sustainable value.
Mr. CuUnjieng has more than 35 years of leadership experience in investment banking, private equity, and corporate governance, holding senior roles in global financial institutions across Asia, the US, and Europe.
He previously served as chairman and chief executive officer of Evercore Asia and held leadership positions at Macquarie Capital, Merrill Lynch, and Salomon Brothers.
He has also served on the boards of Century Pacific Food, First Philippine Holdings Corp., and the New York Philharmonic.
The MIC board is chaired by Finance Secretary Ralph G. Recto, with Mr. Consing as vice chairperson.
Members include Land Bank of the Philippines President and CEO Ma. Lynette V. Ortiz and Development Bank of the Philippines President and CEO Michael O. de Jesus.
Mr. CuUnjieng joins German Q. Lichauco II and Roman Felipe S. Reyes as independent directors.
Among major investments of the MIC is its acquisition of a 20% stake in Synergy Grid & Development Phils., Inc., giving it a “foothold” in the National Grid Corp. of the Philippines.
The sovereign wealth fund also signed an agreement with Saudi Arabian energy company ACWA Power to develop renewable energy projects for off-grid locations in the Philippines. — Aubrey Rose A. Inosante
