Key Takeaways
- • Maharlika Investment Corp. (MIC) is seeking to attract other Asean sovereign wealth funds to co-invest in the Philippines, with energy infrastructure as the lead target, according to BusinessMirror.
- • MIC President and CEO Rafael D. Consing Jr. said energy transmission offers the highest multiplier effect in the power sector and is a priority for initial collaboration.
- • MIC deployed P18.773 billion in the first nine months of the year, bringing cumulative deployment to P24.689 billion since its institutional build-out in 2024.
- • MIC's investments accounted for 50 percent of its revenues in the third quarter, per Consing.
- • MIC has deferred its proposed deal in Synergy Grid and Development Philippines (SGP), where it had sought a 20-percent stake in National Grid Corporation of the Philippines and two board seats.
Summary
The Maharlika Investment Corp. (MIC) is seeking to attract other sovereign wealth funds to co-invest in the Philippines, particularly in energy infrastructure, as it builds partnerships with Asean sovereign investors. MIC President and Chief Executive Officer Rafael D. Consing Jr. said he hopes discussions at the inaugural Asean Investment Forum (AIF) will eventually move toward collaboration and, ultimately, co-investments. The forum brought together sovereign investors across Asean to discuss the evolution of sovereign wealth funds and their role in advancing national and regional investment priorities. However, it had not yet produced specific investment agreements or negotiations with participating funds; Consing said the immediate objective is to establish dialogue and a shared understanding of potential areas for future collaboration.
Speaking to reporters on the sidelines of the forum, Consing identified energy as a commonly discussed area and said that if an initial collaboration occurs, it could be invested in. He said energy transmission is particularly promising because it has the highest multiplier effect in the power sector. For MIC's first five years, electricity access would be rolled out first, specifically in Strategic Power Utilities Group (SPUG) areas, remote islands and distant communities, he said, adding that millions of Filipinos still lack access to power.
MIC has deferred its proposed deal in Synergy Grid and Development Philippines (SGP), where it had acquired a 20-percent stake in the National Grid Corporation of the Philippines, along with two board seats in the holding company and the grid operator. Consing said SGP can continue its grid work under existing approvals, while MIC could support the National Electrification Administration (NEA) and National Power Corp. (NPC) in the SPUG rollout. He also said telecommunications could be added in these areas, where reliable signal is also lacking.
According to Consing, MIC's investments are contributing more significantly to its financial performance, accounting for 50 percent of its revenues in the third quarter. The fund manager has deployed P18.773 billion in the first nine months of the year, bringing cumulative deployment to P24.689 billion since its institutional build-out in 2024.
Speaking to reporters on the sidelines of the forum, Consing identified energy as a commonly discussed area and said that if an initial collaboration occurs, it could be invested in. He said energy transmission is particularly promising because it has the highest multiplier effect in the power sector. For MIC's first five years, electricity access would be rolled out first, specifically in Strategic Power Utilities Group (SPUG) areas, remote islands and distant communities, he said, adding that millions of Filipinos still lack access to power.
MIC has deferred its proposed deal in Synergy Grid and Development Philippines (SGP), where it had acquired a 20-percent stake in the National Grid Corporation of the Philippines, along with two board seats in the holding company and the grid operator. Consing said SGP can continue its grid work under existing approvals, while MIC could support the National Electrification Administration (NEA) and National Power Corp. (NPC) in the SPUG rollout. He also said telecommunications could be added in these areas, where reliable signal is also lacking.
According to Consing, MIC's investments are contributing more significantly to its financial performance, accounting for 50 percent of its revenues in the third quarter. The fund manager has deployed P18.773 billion in the first nine months of the year, bringing cumulative deployment to P24.689 billion since its institutional build-out in 2024.
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