Getting to know… Paul T. Salanga, Maharlika Investment Corporation
A corporate dealmaker turned nation-builder, Paul Salanga reflects on the shift from private practice to public service.
You made a significant shift from private practice into the role of General Counsel for the Philippines’ first sovereign wealth fund. What motivated that transition, and what were the biggest adjustments you faced early on?
After more than 26 years with Picazo Buyco Tan Fider & Santos, one of Manila’s largest law firms, the move from private practice to the public sector was both a major change and a natural evolution. I was looking for a new challenge, and MIC offered an opportunity unlike any other. The work would still centre on corporate, M&A, financing and capital markets, but now viewed through the lens of a government-owned and -controlled corporation (GOCC).
I was also inspired by our President and CEO, Joel Consing, a long-time client whose own move from a blue-chip multinational to government service embodied a real commitment to nation-building. Joining him at MIC was both an honour and an extraordinary opportunity.
One of the biggest adjustments was joining a government startup where many systems had to be built from scratch. MIC is sui generis—a one-of-a-kind GOCC—so even our government partners sometimes had to determine which rules applied. Navigating this landscape required adaptability, patience and creativity. Despite the challenges, the opportunity to contribute to national development has made the transition deeply meaningful.
How did your experience in private practice help—or fall short— when dealing with the different expectations, scrutiny and accountability of the public sector?
Private practice equipped me well for MIC’s transactional and advisory work. Years of handling complex deals provided the discipline and confidence needed for MIC’s investment activities. However, private practice did not fully prepare me for the multi-layered oversight environment of a GOCC. Decisionmaking is naturally more nimble outside government; there are fewer layers of review and less exposure to institutions such as congressional oversight committees, the Commission on Audit and the Office of the Government Corporate Counsel.
We are stewards of public funds. Every decision must withstand not just legal and commercial scrutiny, but ethical and social scrutiny as well.
Understanding why government processes exist—and how they safeguard public interest—required patience, perspective and adjustment. It brought a deeper appreciation for the heightened scrutiny under which a sovereign wealth fund must operate.
What mindset shifts were essential when moving from advising clients externally to shaping legal strategy internally for a national investment institution?
The most profound mindset shift was embracing our role as stewards of public funds. Unlike private practice, where commercial objectives drive decisions, our work at MIC carries responsibility to the Filipino people. This is felt even more strongly today amidst public frustration over corruption and controversies dominating national discourse.
In evaluating transactions, I constantly ask: How will this benefit ordinary Filipinos? How will this matter in the long run? This lens keeps us aligned with MIC’s mission. It reinforces the need for integrity, transparency and discipline. Our recommendations must withstand legal, commercial, ethical and social scrutiny, because we are building an institution intended to command public trust.
Maharlika was essentially a government startup. What were your first priorities when building the inhouse legal team, and how did you decide which capabilities needed to be established immediately?
From day one, MIC needed a legal team capable of operating at full speed. The priority was to recruit lawyers with deep experience in capital markets, M&A and financing—professionals who could immediately grasp complex structures and engage with counterparties at a high level.
This approach allowed us to provide sophisticated support to the investments group while establishing MIC’s governance foundations. The team we built is technically strong, mission-aligned, hardworking and committed to excellence in government service.
When recruiting your initial team, what qualities or skill sets did you consider non-negotiable for a sovereign wealth fund environment? And what does your team structure look like today?
Extensive transactional experience was non-negotiable. We needed lawyers who could operate confidently in M&A, financing and capital markets work, and who could manage negotiations and documentation with minimal ramp-up time. Integrity, sound judgment and the ability to operate under public scrutiny were equally essential.
Today, the Legal Services Group consists of seven lawyers, including myself and our corporate secretarial counsel, soon to be eight with a new associate joining. We are supported by two Legal Assistants. This structure allows us to provide timely, expert support to MIC’s growing portfolio of deals.
What practices did you put in place early on to set the tone for culture, governance standards and effective decision-making within a newly formed public-sector investment fund? I set a deliberate tone of excellence in government service. My aspiration is for MIC’s legal team to become the gold standard among GOCCs—anchored on professionalism, expertise, collaboration and the highest governance standards. To achieve this, I implemented a comprehensive project-tracking system to ensure visibility over workloads and prevent bottlenecks. We also hold bi-monthly team meetings to review matters, share insights and problem-solve collectively. These practices foster accountability, cross-learning and discipline, shaping a culture that will serve MIC well long-term.
You have said the legal team plays a critical role in ensuring Maharlika’s success. How do you ensure it is viewed as a strategic partner rather than a gatekeeper?
Our approach is built on partnership. The legal team works closely with the investments group with a solution-oriented mindset. We engage early in deal discussions, help identify viable pathways and frame issues in terms of what can be done responsibly within the law and MIC’s governance framework.
Legal is not a hurdle—it’s an enabler. Our role is to help execute transactions responsibly, efficiently and with public trust at the centre.
By contributing constructively and understanding the operational realities of our colleagues, we demonstrate that legal is not a hurdle but an enabler of sound, compliant and timely execution. Over time, this builds trust and positions legal as a strategic contributor to MIC’s mission.
How does the legal team work with the investment and operations groups to balance innovation, transparency, compliance and longterm national objectives?
In MIC’s context, the balance is less about innovation versus transparency and more about execution versus compliance—an equilibrium especially critical in government service. Many colleagues from the investments team come from the private sector, where speed is paramount. Our role is to ensure that as we pursue transactions with urgency, governance and compliance safeguards remain firmly in place.
We also collaborate closely with the Corporate Services Group on foundational work for a startup GOCC, including HR and labour policies, internal manuals and organisational design. This integrated approach ensures MIC grows with both agility and accountability.
Looking back on your journey, what advice would you give to lawyers considering a move from private practice into a senior in-house role, particularly within the public sector or a sovereign fund?
My advice is: do it. The work is demanding and the oversight more layered, but the sense of purpose is incomparable. Technical skills matter, but success depends on adaptability, resilience and a genuine commitment to public service.
You must be prepared to operate with transparency, navigate complex governance structures and make decisions with real societal implications. But the experience is deeply meaningful and fulfilling. Few roles allow you to contribute so directly to national development and institutional nation-building.
Approach the role with integrity, openness and a clear sense of mission, and you will find the journey profoundly rewarding.
Paul T. Salanga is the Chief Legal Officer and General Counsel of the Maharlika Investment Corporation. Before joining MIC, he spent over 26 years as a Partner at Picazo Buyco Tan Fider & Santos. He holds a Juris Doctor and an A.B. in Philosophy from Ateneo de Manila University.
