The Maharlika Investment Corporation (MIC) has teamed up with Morocco’s sovereign wealth fund Ithmar Capital to strengthen governance standards and explore potential joint investments as the Philippine fund seeks full membership in a global group of sovereign wealth funds.
MIC president and CEO Rafael Consing Jr. and Ithmar Capital CEO Obaid Amrane signed a memorandum of understanding on Tuesday covering a 12-month benchmarking program focused on governance and institutional development.
The partnership will involve sharing best practices in areas including internal audit, corporate planning, human resources and communications. A joint steering committee will oversee the program.
“We are eager and grateful for the opportunity to participate in mutual capacity building and the sharing of best practices in the application of the Santiago Principles with Ithmar Capital,” Consing said.
“This partnership builds on MIC’s strong institutional foundations and reinforces the standards that already guide our work – transparency, strong governance, and excellence,” he added.
The agreement comes as MIC prepares to apply for regular membership in the International Forum of Sovereign Wealth Funds (IFSWF), which promotes the Santiago Principles on governance, accountability and investment practices.
The Philippines became an associate member of the IFSWF in 2024 and was given three years to seek regular membership. Consing said he hopes MIC will become a regular member next year.
Amrane, who also chairs the IFSWF, said the partnership would strengthen ties between the Philippines and Morocco.
“We are honored to partner with Maharlika Investment Corporation in a spirit of knowledge-sharing and peer collaboration,” Amrane said.
“This partnership reflects our belief that sovereign wealth funds can grow stronger together by exchanging expertise, upholding sound governance, and advancing sustainable development. We look forward to supporting MIC on its journey while deepening the ties between Morocco and the Philippines,” he added.
The Philippine Embassy in Morocco said the partnership could eventually expand beyond institutional development into investments.
“While initial cooperation focuses on knowledge sharing and institutional capacity building, both institutions view this MOU as a stepping stone toward identifying strategic joint investments and exploring shared priority sectors in the near future,” the embassy said.
