The Maharlika Investment Corporation (MIC) is set to make its first investment this quarter, likely in the energy sector, after a year of preparations, its president said.

In a

report by Business World, MIC President and CEO Rafael D. Consing, Jr. said that the firm is eyeing the first quarter of 2025 after receiving the official hiring permission in July 2024.

The MIC, created by legislation passed in July 2023, has not yet made any investments despite earlier commitments to do so by the end of 2024.

Consing emphasized that while the sovereign wealth fund is ready, investments will only proceed after thorough due diligence.

Meanwhile, the MIC reported earning Php 2.3 billion in interest income in 2024. The fund’s seed capital, totaling Php 75 billion, was provided by the Development Bank of the Philippines worth Php 25 billion and the Land Bank of the Philippines worth Php 50 billion, which remitted the funds to the Bureau of the Treasury in September 2023.

MIC’s strategic plan is set

for board approval on January 9, following recent adjustments made with input from the Governance Commission for Government-Owned and -Controlled Corporations (GCG).

The compa

ny plans to invest in energy, food security, healthcare, and resource development, with energy projects prioritized for the first quarter.

Consing added that, for the energy sector, transmission line investments would have the most impact. 

Currently, MIC is exploring opportunities to invest in

the national grid or infrastructure projects in Mindoro and Palawan under the Small Power Utilities Group (SPUG).

In 2024, the MIC signed agreements with Occidental and Oriental Mindoro to support critical energy infrastructure. 

MIC is working with the National Power Corporation (NAPOCOR) on asset inventory in Mindoro, aiming to expand transmission lines and substations. The corporation is also procuring technical consultants to conduct feasibility studies, which will require Energy Regulatory Commission approval.