Maharlika Investment Corp. eyes investment in renewable energy

By Anna Leah Gonzales

February 19, 2024, 6:50 pm

<p>MIC president and chief executive officer (PCEO) Rafael Consing Jr. <em>(PNA file photo)</em></p>

MIC president and chief executive officer (PCEO) Rafael Consing Jr. (PNA file photo)

MANILA – The Maharlika Investment Corporation (MIC), which governs the Maharlika Investment Fund (MIF), will likely make its first investment in the renewable energy sector by the end of the year.

"I can only talk about sectors because we've got non-disclosure agreements with those who we're speaking with. So, we're aiming for... energy sector would be the first, I think. Then you've got infrastructure and agriculture," MIC president and chief executive officer (PCEO) Rafael Consing Jr. said during the sidelines of the Philippine Economic Outlook forum organized by the SGV Knowledge Institute on Monday.

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

In particular, the MIC is focusing on renewable energy, new sources to diversify supply and create price stability, grid modernization, and electricity distribution.

"In my opinion, in terms of the amount we will commit for the year, I think a big portion of it really will be coming from energy," he said.

"Well, the reasons are quite obvious, right? I mean, you and I, we pay for very high electricity costs, right? And it takes a bit of time to build up that electricity," Consing added.

Consing said other sectors of focus include infrastructure, food security, aviation and aerospace, mineral processing, transportation and tourism.

The MIC serves as the sole vehicle responsible for mobilizing and utilizing the MIF for investments in transactions aimed at generating optimal returns on investments.

Consing said they are currently building the organization of the MIC.

"I've submitted the organizational structure to the GCG, or the Governance Commission for Government-Owned or Controlled Corporations. And then we've also been coordinating already with the Civil Service," he said.

"So quite a lot of steps. And at the same time, we're also building the pipeline. And I've also begun interviewing people already. So I'm really hoping that in the next month or two, we can gain better traction," he added. (PNA)