Maharlika fund

Meet the 4 new directors of the Maharlika Investment Corporation

Dwight de Leon

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Meet the 4 new directors of the Maharlika Investment Corporation

SWORN IN. Four new directors of the Maharlika Investment Corporation take their oath office on December 20, 2023.

Presidential Communications Office

Only one seat remains vacant in the nine-member board of directors of the body that governs the country's first sovereign wealth fund

MANILA, Philippines – President Ferdinand Marcos Jr. has named four directors of the Maharlika Investment Corporation (MIC), which would govern the country’s first-ever sovereign wealth fund.

The four officials, who took their oath of office on Wednesday, December 20, will be part of the nine-member board of directors.

Here are the credentials of the four new members, according to the press release of the Presidential Communications Office (PCO) and available information online.

Vicky Castillo Tan
Vicky Castillo Tan. Photo from Steel Asia website.

Tan wore many hats during her time at the Asian Development Bank: from 2002 to 2021 – senior financial analyst, credit review officer, structured financial officer, financial management specialist, senior advisor to the Vice President, regional cooperation and operations coordination division director, and budget and management services division director.

She was also once deputy president of Philippine steel company SteelAsia Manufacturing, and chairperson of Maybank’s corporate governance committee.

She has an undergraduate degree and master’s degree in business administration from the University of the Philippines in Diliman.

Andrew Gan
Andrew Jerome Gan. Photo from PSE website.

From 2014 to 2023, Andrew Gan served as director of the Capital Markets Integrity Corporation, a self-regulatory organization that “acts as the independent audit, surveillance and compliance arm” of the Philippine Stock Exchange. He was elected as its independent director in August.

He is the co-founder of Beacon Holdings Incorporated, Beacon Advisors Incorporated, Beacon Management Group Incorporated, and Fifi L’Amour Incorporated. He was also a director and treasurer of Nuovo Moda Incorporated, and managing director of Globo Land Development Corporation.

The PCO said he graduated from the University of Notre Dame with a degree in finance and business economics.

German Lichauco
German Lichauco. Photo from Siguion Reyna Montecillo and Ongsiako website.

German “Beetle” Lichauco is a senior partner at the Siguion Reyna, Montecillo and Ongsiako Law Offices. The law firm’s website says he is an “intra-corporate dispute litigator whose expertise includes hostile corporate take-over and control.”

“He handles a wide array of cases that include heinous crimes, medical malpractice, construction and commercial arbitration, personal injuries and business tort or contractual controversies,” the website also reads.

He has served as corporate secretary of numerous companies, including Heraeus Electronics Material Philippines, Casa Cebuana, and Medical Doctors, which manages the Makati Medical Center Hospital.

He has a juris doctor degree from the Ateneo de Manila University.

Roman Felipe Reyes
Roman Felipe Reyes. Photo from Reyes Tacandong & Co website.

Roman Felipe Reyes is a director of government media outlet RPN 9, as well as Pampanga Sugar Development Company, All-Asian Countertrade, Philippine Geothermal Production Company, and Converge ICT Solutions.

He is the co-founder of Reyes Tacandong & Co., which according to its website, is a “professional services firm in the Philippines that provides a wide range of financial services in digital transformation, due diligence, tax, advisory, and audit.”

He is a certified public accountant who earned his bachelor’s degree in commerce in San Beda College. He has a master’s degree in business administration from University of Detroit.

Who else

As per the revised implementing rules and regulations of the Republic Act No. 11954, the nine-member board is composed of the following:

  • Finance Secretary Benjamin Diokno (in an ex-officio capacity)
  • MIC President Rafael Consing Jr. (vice chair)
  • Land Bank President Lynette Ortiz
  • Development Bank of the Philippines president Michael de Jesus
  • two regular directors
  • three independent directors

The PCO did not specify which of the four newly appointed directors are considered regular and independent, although it is clear that one seat remains vacant.

A regular director must serve in the board full time, which means they can’t hold any other public position during their three-year term.

They shall not possess private business interests while in office, so they are required to resign from private institutions that would pose a conflict of interest while they are in the MIC.

They must also be at least 35 years old, of good moral standing, of recognized probity and independence, and have substantial expertise in either corporate governance and administration, investment in financial assets, or management of investments

Independent directors, meanwhile, have a term of one year, but can be reappointed as long as they don’t keep their seat for more than nine years. –

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Dwight de Leon

Dwight de Leon is a multimedia reporter who covers President Ferdinand Marcos Jr., the Malacañang, and the Commission on Elections for Rappler.