Manila: The Maharlika Investment Corporation (MIC) has entered into a significant memorandum of understanding (MoU) with Ithmar Capital, Morocco's sovereign wealth fund, to foster a peer learning relationship focused on institutional development, operational benchmarking, and the exchange of best practices.
According to Philippines News Agency, the MoU, signed on Tuesday, was formalized by MIC President and CEO Rafael Consing Jr. and Ithmar Capital's CEO and Chair of the International Forum of Sovereign Wealth Funds (IFSWF), Obaid Amrane, who participated in the ceremony virtually. This agreement outlines the intent to share best practices, engage in benchmarking, and build mutual capacity across various non-investment core functions such as communications, human resources, corporate planning, and internal audit.
Consing expressed the corporation's enthusiasm for the collaborative opportunity, emphasizing the partnership's alignment with MIC's foundational principles of transparency, governance, and excellence. The partnership aims to bolster MIC's institutional integrity as it moves towards applying for regular membership in the IFSWF. The Philippines initially joined the IFSW as an associate member in 2024, with a three-year timeline to advance to regular membership. Consing remains optimistic about achieving regular member status next year, which would position MIC among globally recognized sovereign wealth funds committed to the Santiago Principles.
Amrane highlighted the collaborative spirit of the partnership, underscoring the shared commitment to sound governance and sustainable development. He emphasized the importance of exchanging expertise and strengthening ties between Morocco and the Philippines through this initiative.
The MoU also includes the formation of a steering committee, comprising representatives from both sovereign wealth funds, to oversee a 12-month benchmarking plan. The partnership is seen as a strategic move to identify future priority sectors and explore joint investments, as noted by a statement from the Philippine Embassy in Morocco. This initial phase of cooperation is expected to lay the groundwork for more strategic collaborations in the future.
