Key Takeaways
- • Maharlika Investment Corp. (MIC) is seeking foreign sovereign wealth funds to co-invest in Philippine projects, with energy and infrastructure as priority sectors.
- • MIC President and CEO Rafael Consing Jr. said the fund will focus on building its domestic asset base before bringing in foreign investors, with onshore investment as the immediate priority.
- • MIC submitted its application for full membership in the International Forum of Sovereign Wealth Funds (IFSWF) and hopes to be approved this week at the International Sovereign Wealth Forum.
- • MIC was admitted as an associate member of the IFSWF in 2024 and had previously targeted regular membership by 2027.
Summary
The Maharlika Investment Corp. (MIC), the Philippines' state-owned investment fund, wants to attract foreign sovereign wealth funds to co-invest in local projects, particularly in energy and infrastructure, according to The Manila Times. MIC President and CEO Rafael Consing Jr. said the fund is being positioned as a national development fund, with domestic investments as the immediate priority. Speaking to reporters on the sidelines of the Asean Investment Forum, Consing said he hopes foreign partners will co-invest in the Philippines rather than the fund crossing borders, stating that MIC does not expect to invest abroad until it has built sufficient surplus to hedge such exposure.
The fund's strategy is to channel capital into domestic industries and projects where investment can help address infrastructure gaps and support economic development. Energy has emerged as a potential area for collaboration among sovereign wealth funds, and Consing said it was one of the sectors commonly discussed among his counterparts. He added that if an initial collaboration occurs, energy would be a suitable area for investment.
Consing said the immediate priority is to build the fund's asset base and create value before seeking foreign participation. He said the strategy is to develop assets that foreign investors could eventually invest in, which would potentially allow Maharlika to exit some holdings and generate capital for reinvestment.
MIC is also seeking full membership in the International Forum of Sovereign Wealth Funds (IFSWF) this year. Consing said the application was submitted last week and he hopes it will be approved at the International Sovereign Wealth Forum, with approval taking effect immediately if the IFSWF Board approves it this week. MIC was admitted as an associate member in 2024, a status that allows funds to implement the Santiago Principles, a set of 24 generally accepted principles covering governance, accountability, transparency, investment management and risk controls. Under IFSWF rules, associate members have three years to integrate these principles before a comprehensive review for full membership. MIC had previously aimed to become a regular member by 2027.
The fund's strategy is to channel capital into domestic industries and projects where investment can help address infrastructure gaps and support economic development. Energy has emerged as a potential area for collaboration among sovereign wealth funds, and Consing said it was one of the sectors commonly discussed among his counterparts. He added that if an initial collaboration occurs, energy would be a suitable area for investment.
Consing said the immediate priority is to build the fund's asset base and create value before seeking foreign participation. He said the strategy is to develop assets that foreign investors could eventually invest in, which would potentially allow Maharlika to exit some holdings and generate capital for reinvestment.
MIC is also seeking full membership in the International Forum of Sovereign Wealth Funds (IFSWF) this year. Consing said the application was submitted last week and he hopes it will be approved at the International Sovereign Wealth Forum, with approval taking effect immediately if the IFSWF Board approves it this week. MIC was admitted as an associate member in 2024, a status that allows funds to implement the Santiago Principles, a set of 24 generally accepted principles covering governance, accountability, transparency, investment management and risk controls. Under IFSWF rules, associate members have three years to integrate these principles before a comprehensive review for full membership. MIC had previously aimed to become a regular member by 2027.
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