The Maharlika Investment Corporation (MIC) is poised to venture into the renewable energy sector, with its inaugural investment expected by year-end, according to MIC President and CEO Rafael Consing Jr.
The MIC oversees the Maharlika Investment Fund (MIF) and is focused on ensuring energy security, particularly in renewable energy, grid modernization, and electricity distribution to guarantee a stable supply and prices.
Consing emphasized the urgency of investing in the energy sector, citing the country’s high electricity costs and insufficient access. With last year’s electricity statistics revealing a meager surplus ranging from 20% to 50%, the focus on the energy sector aims to address these challenges.
A recent proposal involving an investment in the National Grid Corp. of the Philippines (NGCP) is under consideration to lower energy costs and enhance resilience. NGCP holds the exclusive concession and franchise for the country’s power transmission network.
To achieve its investment objectives, Consing revealed ongoing efforts to build the MIC’s organization, with the organizational structure submitted to the Governance Commission for Government-Owned or Controlled Corporations and coordination with the Civil Service underway.
As Maharlika finalizes its investment charter, secures budget approvals, and fine-tunes operational procedures, Consing anticipates initiating investments soon.
The sovereign wealth fund is also developing “sectoral limits” within its charter to ensure a balanced investment distribution. Consing stressed the necessity of allocating capital to different sectors, aiming for a balanced exposure of no more than 15% per sector over the next three years.
Maharlika Investment Corp., with an initial capital of Php 125 billion and an authorized capital stock of Php 500 billion, is strategically aligning its investments with national priorities.
The MIC is determined to make significant progress in the coming months and is committed to fulfilling its investment goals.
