MANILA: The Maharlika Investment Corp. (MIC) has finalized its investment and risk management framework and also secured a membership in the International Forum of Sovereign Wealth Funds (IFSWF), giving it authority to begin engaging with investors and gain access to tap global network of experts. In a statement on Friday, the Department of Finance (DOF) said the framework was approved during the 12th MIC Board meeting presided by Finance Secretary and MIC chairperson Ralph Recto on July 18, 2024. The investment and risk management (I and RM) framework outlines the detailed policies, strategies, and risk management practices that will guide MIC's investment-decision making and portfolio management approach for 2024 to 2028. The framework is a prerequisite for the MIC before proceeding with its investments. The DOF said that during the meeting, the MIC also approved the MIC Board Protocol, which covers the procedures for conducting Board of Directors meetings, in accordance with Republic Act 11954, its rev ised implementing rules and regulations, and general principles of good corporate governance. The DOF, meanwhile, said the MIC's membership in the IFSWF grants the Philippines access to a range of privileges, such as international recognition, networking, and peer learning opportunities. The IFSWF is an international organization setting governance standards for sovereign wealth funds around the world. "The acceptance of the MIC's application on July 11, 2024 was based on its willingness to endorse, on a voluntary basis, the Santiago Principles, which pertain to the generally accepted principles and practices to ensure the effective operations of sovereign wealth funds globally," the DOF said. President and CEO Rafael Jose Consing Jr. said that with the membership, the MIC is entitled to participate in the IFSWF Annual General Meeting to be held in Oman, Muscat from Nov. 3 to 6, 2024. The meeting will engage IFSWF members and financial leaders around the world in private networking sessions to discuss ke y global topics impacting investors. Source: Philippines News agency