Malacañang advised against appointing foreign nationals as independent directors of the Maharlika Investment Corp. (MIC) based on a legal opinion from the Department of Justice (DOJ). The DOJ emphasized that public officers and officials must be Filipino nationals and maintain allegiance to the state. The agency stated that a foreign national cannot legally be appointed as an Independent Director of the MIC due to the lack of allegiance to the Philippines and its Constitution.
The legal opinion was a response to a query from Presidential Management Staff Head Elaine Masukat regarding the appointment of foreign nationals to the board overseeing the Maharlika Investment Fund (MIF). The DOJ reminded the Palace that the MIF is a government-owned and controlled corporation, making the independent directors public officials. The Constitution requires public officers to be accountable to the people, serve with responsibility, integrity, loyalty, and efficiency, and maintain allegiance to the State.
The DOJ clarified that individuals born as natural-born Filipino citizens with dual citizenship are eligible to be appointed as independent directors without the need to renounce their foreign citizenship. The revised IRR of the MIF stipulates that an independent director must possess probity, competence, expertise in finance, economics, investments, business management, or law. The MIF board is comprised of nine members, including the Finance Secretary, MIC President, Land Bank President, Development Bank of the Philippines President, two regular directors, and three independent directors.
Recently, the MIC approved a P125 billion capitalization plan for the MIF.
