By the staff
The Maharlika Investment Corp. (MIC) has expanded its board with two senior finance executives as the Philippines’ sovereign wealth fund prepares to step up capital deployment across key sectors.
Malacañang confirmed the appointment of Rolando Peñaflor as director and Enrico Cruz as independent director.
MIC said the move strengthens governance and institutional independence as it seeks to build credibility around the Maharlika Investment Fund.
Peñaflor, who will serve a three‑year term, spent 38 years at Bank of the Philippine Islands, rising to senior vice president in corporate banking. He also held top posts in private firms including Jardiniano Development Corp.
Cruz brings four decades of corporate governance experience, having sat on boards of listed and private companies in finance, retail, real estate and healthcare.
“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 CEO Rafael D. Consing Jr. said.
The appointments follow earlier additions to the board, including Stephen CuUnjieng, former Evercore Asia chief, who now heads the Investment Committee, and Roman Felipe S. Reyes, founding partner of Reyes Tacandong & Co., who chairs the Audit Committee. The board is chaired by Secretary Frederick D. Go.
MIC, established under Republic Act No. 11954, is mandated to manage the Maharlika Investment Fund, designed to channel capital into infrastructure, energy, agriculture and digitalization to generate returns supporting long‑term growth.
Also named as alternate representative of LandBank of the Philippines was executive vice president Roderick Sacro, joining existing alternates from the Department of Finance and the Development Bank of the Philippines.
