Maharlika taps veteran bankers to beef up board

MAHARLIKA Investment Corp. (MIC) has appointed veteran bankers Rolando G. Peñaflor and Enrico S. Cruz to its board of directors, it said in a statement on Wednesday.

Mr. Peñaflor joins as a regular director and is set to serve a three-year term, while Mr. Cruz takes a seat as an independent director. Both were formally welcomed during the fund’s weekly assembly, the MIC said.

“Their depth of experience and independent perspective will be invaluable as we continue to build a disciplined, transparent, and globally credible sovereign investment institution,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said.

Mr. Consing said the appointments is aimed to bolster the “collective expertise as MIC transitions into a period of decisive capital deployment across priority sectors of the Philippine economy.”

Mr. Peñaflor previously served as Senior Vice-President in Corporate Banking at Bank of the Philippine Islands for 38 years, as well as President of Jadiniano Development Corp., Aspirea Development Corp. and Oro de Siete Productions.

Meanwhile, Mr. Cruz brings 40 years of experience having served on the board of five publicly listed companies and five private companies in a variety of industries such as finance, retail, real estate, and healthcare.

“Also assuming his role as alternative representative of Land Bank of the Philippines (LBP) is Atty. Roderick Sacro, Executive Vice-President of LBP,” the MIC said.

They joined Finance Undersecretary Ma. Angela E. Ignacio and Development Bank of the Philippines Executive Vice-President Carel D. Halog.

The MIC, which started in 2023 is the sole vehicle responsible for mobilizing and managing the Maharlika Investment Fund, the country’s first sovereign wealth fund. — Aubrey Rose A. Inosante