Strengthening Economic Relations
Morocco and the Philippines have taken a significant step towards enhancing their economic relations with the establishment of a partnership between Ithmar Capital and the Maharlika Investment Corporation (MIC), the sovereign wealth fund of the Philippines. This institutional cooperation aims to facilitate the sharing of expertise, bolster capacity building, and disseminate best international practices in the management of sovereign funds. On July 28, 2026, a memorandum of understanding was signed during a virtual ceremony attended by key dignitaries, including Mohammed Rida El Fassi, the Moroccan ambassador to the Philippines; Leslie J. Baja, the Philippine ambassador to Morocco; and Frederick D. Go, the Philippines' Secretary of Finance and Chairman of the MIC Board. The agreement was formalized by Obaid Amrane, the General Director of Ithmar Capital, and Rafael D. Consing Jr., the Chief Executive Officer of MIC.
During the signing event, Obaid Amrane expressed his enthusiasm about partnering with the Maharlika Investment Corporation, emphasizing the importance of exchanging best practices within a peer collaboration framework. He stated, "This partnership embodies our belief that sovereign funds can mutually strengthen each other by sharing their expertise, promoting rigorous governance, and advancing sustainable development. We look forward to supporting MIC in its journey while solidifying the ties between our two countries." Rafael D. Consing Jr. echoed this sentiment, expressing excitement and gratitude for the opportunity to collaborate with Ithmar Capital to enhance their institutional capabilities and share best practices related to the implementation of the Santiago Principles. This partnership aligns with MIC’s goal of becoming a world-class sovereign fund, guided by transparency, robust governance, and the highest international standards.
A Framework for Cooperation
The agreement establishes a structured framework for cooperation that promotes the exchange of expertise and best practices across several strategic functions. A joint steering committee will be formed to oversee the implementation of the actions outlined in this partnership. Following this initiative, a summary report and recommendations will be prepared to assist MIC in strengthening its institutional capabilities and adopting international best practices in sovereign fund governance. This partnership reinforces Ithmar Capital's position as a key player in the international sovereign fund ecosystem, continuing its commitment and role within the International Forum of Sovereign Wealth Funds (IFSWF), which Ithmar Capital currently chairs. Through this agreement, Ithmar Capital will leverage its experience and expertise to enhance MIC’s operational capabilities with a view to its membership in the IFSWF. Moreover, this initiative signifies a strengthening of institutional ties between Morocco and the Philippines, further solidifying the relationship between the two nations.
As reported by medias24.com.
