The Maharlika Investment Corporation (MIC) is gearing up to make its initial investments in the energy sector within the next 60 to 90 days.
In a report by Business World, MIC President and CEO Rafael D. Consing, Jr. said that the corporation is currently conducting due diligence on two significant energy-related investments and eight memoranda of agreement.
Consing added that the agreements and investments are in the energy sector, and within the next 60 to 90 days, the firm should be permitted to use Maharlika funding.
The MIC CEO also said that the Maharlika fund is looking to raise USD 1 billion to invest in renewable and alternative energy sources, which would diversify the power mix and help stabilize energy prices.
Finance Secretary Ralph G. Recto, who chairs the MIC board, said that the first investments of the Maharlika fund will be finalized by the end of the year.
Meanwhile, MIC reported that the fund has already generated about Php 1.5 billion in interest income, with around Php 144 million in retained earnings from 2023 and an additional Php 1.4 billion in 2024.
The proposed budget for Maharlika is around Php 336 million, which will primarily be allocated to capital expenditures.
With an authorized capital stock of Php 500 billion, the Maharlika fund’s initial capital of Php 125 billion comes from contributions by the Land Bank of the Philippines (Php 50 billion), the Development Bank of the Philippines (Php 25 billion), and the National Government (Php 50 billion).
