MANILA — Several applications have been submitted after the opening of nominations for the board of directors of the Maharlika Investment Corp. (MIC), the governing body of the country's first sovereign wealth fund, a finance official said on Thursday.

The MIC needs a president and CEO, 2 regular directors, and 3 independent directors

In a business forum in Pasay City, Finance Assistant Secretary Eufrocinio Bernabe Jr. said some applications were submitted after the government published the solicitation of applications for the board of directors.

“Some have submitted already and we have the papers, so I think once the deadline is reached, the process will move on," Bernabe said.

The deadline is set on Sept. 27.

“Once that application has been received, we will shortlist all candidates and then the board of directors will elect from that side Chief Executive Officer and then form the plantilla for the positions of the Maharlika Investment Fund,” he said.

Bernabe added that the Maharlika fund was on track to be up and running by the end of the year.

Maharlika is the country's first sovereign wealth fund which will serve as an "additional source and financing mode for priority projects of the Philippines," Bernabe told the businessmen present during the forum.

"The fund aims to attract the participation of local and foreign capital to make direct equity investments in the Philippines," he said.

Finance Secretary Benjamin Diokno earlier insisted that the MIC should be headed by a Filipino, on top of the other qualifications set by the law.

• Maharlika board should be headed by Filipino: Diokno
• Marcos says Maharlika fund may fail if politicians are involved

— With a report from Johnson Manabat, ABS-CBN News