Ithmar Capital and Maharlika Investment Corporation (MIC), the sovereign wealth fund of the Republic of the Philippines, have signed a memorandum of understanding (MoU) aimed at strengthening institutional cooperation and promoting the exchange of expertise in sovereign wealth fund governance and management.

The agreement was signed during a virtual ceremony attended by Morocco’s Ambassador to the Philippines, Mohammed Rida El Fassi, the Philippines’ Ambassador to Morocco, Leslie J. Baja, and Philippine Secretary of Finance and Chairman of the MIC Board of Directors, Frederick D. Go. The MoU was signed by Ithmar Capital Chief Executive Officer Obaid Amrane and MIC President and CEO Rafael D. Consing Jr.

The partnership establishes a structured framework for cooperation focused on sharing best practices, enhancing institutional capabilities, and promoting internationally recognized governance standards, particularly the Santiago Principles, which serve as the global benchmark for sovereign wealth funds.

A joint steering committee will oversee the implementation of the partnership, while a comprehensive report containing recommendations will be prepared to support MIC in strengthening its institutional capacity and aligning with international best practices.

For Ithmar Capital, the agreement reinforces its position as a leading player within the global sovereign wealth fund community. The Moroccan strategic investment fund, which currently chairs the International Forum of Sovereign Wealth Funds (IFSWF), will leverage its expertise to support MIC in its efforts to join the organization.

Beyond institutional cooperation, the partnership is expected to strengthen economic ties between Morocco and the Philippines by fostering knowledge exchange, long-term investment, and closer collaboration between the two countries.