MIC eyes investment in agro-industries

By Anna Leah Gonzales

March 17, 2024, 3:18 pm

<p>Finance Secretary and MIC chairperson Ralph Recto <em>(File photo from DOF)</em></p>

Finance Secretary and MIC chairperson Ralph Recto (File photo from DOF)

MANILA – The Maharlika Investment Corporation (MIC) is currently exploring possible investments in agro-industries.

"MIC is interested to invest in agro-industry. They are considering coco oil mills among others. But no details as of now. It’s a work in progress," Department of Finance (DOF) Secretary and MIC chairperson Ralph Recto said in a Viber message on Sunday.

The MIC Board had its fifth board meeting on March 14, presided over by Recto and MIC president and chief executive officer Rafael Consing Jr.

During the meeting, the MIC Board approved discussions with the DOF-Privatization Management Office to explore investment opportunities in government assets, particularly in coconut mills and refineries.

In a separate text message, Consing said while MIC is "investigating strategic opportunities in the agri sector," the MIC will most likely make its first investment in the energy sector.

"Based on our ongoing discussions and the timing thereof, I believe the first announcements will be power-sector-related," he said.

The MIC is responsible for the overall governance and utilization of the Maharlika Investment Fund for investments in transactions to optimize returns on investments.

Its aim is to tap state assets for investment ventures to generate more revenues for public funds.

Consing earlier said that energy security is one of the MIC's sectors of focus.

He said the MIC is focusing on renewable energy, new sources to diversify supply and create price stability, grid modernization, and electricity distribution. (PNA)