The success of the country's first sovereign wealth fund would be highly dependent on the selected board members that will manage its investments, according to finance and investment experts.
"It should be a good combination between international and local fund managers. The key there will be to select the CEO [chief executive officer] and give them the flexibility to choose their team," former Finance Secretary Gary Teves told CNN Philippines' The Exchange Friday.
The Maharlika Investment Corp. board that will manage the Maharlika Investment Fund will include the finance chief, a CEO, the presidents of the Land Bank of the Philippines and the Development Bank of the Philippines, two regular directors, and three independent directors. For Chris Nelson, Executive Director and Trustee of the British Chamber of Commerce of the Philippines, the government should look at people already connected with funds.
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