Maharlika Investment Corporation (MIC) is recalibrating its investment strategy to focus more heavily on fuel storage, grid infrastructure, and broader energy security assets following recent global oil supply disruptions, its president and CEO Rafael Consing said.

In an interview with CNBC, Consing said recent developments exposed gaps in the Philippines’ preparedness for supply shocks, prompting a reassessment of priorities within the sovereign wealth fund.

“One of the things that we’ve realized is we assumed before that the flow of oil was going to be constant and without any issue,” Consing said.

“So therefore, when it came to planning for the eventuality of these potential shortages, the reality is that the country was not prepared, as with many other countries,” he added.

He said these lessons are now being directly reflected in Maharlika’s investment direction, particularly in sectors that support what he described as “sovereign reliance.”

“Our focus on energy, agriculture and infrastructure are really about building, I would say, reliance, sovereign reliance,” Consing said, noting that mining serves as a complementary hedge.

A key area of focus is fuel security, with Maharlika exploring investments in storage capacity to support the development of a strategic petroleum reserve.

“In our case, what we’re aiming for, hopefully, is to be able to build storage capacity and support the plans of government to eventually put together effectively a strategic reserve,” he said.

Consing added that discussions are ongoing and that a project aligned with this objective could be announced within the year.

Alongside fuel storage, Maharlika is also directing capital toward strengthening the country’s power delivery systems, particularly transmission and rural electrification.

He said the fund is prioritizing infrastructure that enables electricity access, especially in underserved areas that remain heavily reliant on diesel and bunker fuel.

“There is, however, I think, enough capital aiming for [generation],” Consing said, explaining that Maharlika is instead focusing on areas where it can play a catalytic role.

“We just want to ensure that the infrastructure highway to be able to deliver the electricity is in fact in place to be able to reach those that it needs to reach,” he added.

Consing also pointed to the need to expand refining and storage capacity, saying recent events have highlighted the country’s exposure to global oil price volatility.

“I wish we had more capacity… do we think that we need more in terms of refining capacity, but also in terms of storage? The answer is yes,” he said.

He added that Maharlika is in discussions with industry players to explore potential collaborations aimed at strengthening energy security over the next few years.

As global uncertainties continue to impact fuel supply and pricing, Consing said the shift toward energy security investments reflects a broader effort to build resilience and reduce the country’s dependence on external shocks.

How can targeted investments in fuel storage and grid infrastructure reshape the Philippines’ energy security strategy?

Follow Power Philippines on Facebook and LinkedIn or join our Viber community for more updates.