MANILA, March 1 -- The Maharlika Investment Corp. (MIC) is set to apply for Associate Membership in the International Forum of Sovereign Wealth Funds (IFSWF) to strengthen transparency and good governance.

In a statement on Friday, the Department of Finance (DOF) said the proposal to apply to the IFSWF was approved during the fourth MIC board meeting presided by MIC chairperson, Finance Secretary Ralph Recto, on Feb. 29.

The IFSWF is a voluntary organization of global sovereign wealth funds committed to working together and strengthening the community through dialogue, research, and self-assessment.

It is mandated to help members implement the Santiago Principles, which pertain to the generally accepted principles and practices to ensu...