SIGNED. Maharlika Investment Corp. president/CEO Rafael Consing Jr. and Bases Conversion and Development Authority counterpart Joshua Bingcang (2nd and 3rd from left) sign agreements in Taguig City on Monday (April 29, 2024) to explore investments within BCDA properties. Witnessing the signing are Finance Secretary and MIC Chair Ralph Recto (left) and BCDA chair Delfin Lorenzana. (Photo courtesy of BCDA)
MANILA – The Maharlika Investment Corporation (MIC) on Monday signed two agreements to explore possible investment opportunities in infrastructure and the energy sector.
The Memorandum of Understanding (MOU) signed with the Bases Conversion and Development Authority (BCDA) focuses on exploring strategic partnerships in transportation, logistics, affordable housing, and agro-industrial urbanization.
BCDA president and chief executive officer Joshua Bingcang and MIC counterpart Rafael Consing Jr. signed the MOU to move forward with their plans of including some of the BCDA’s projects and programs in the portfolio of Maharlika.
Under the MOU, the BCDA and MIC will “further discuss, share knowledge, and explore potential collaboration opportunities that will lead to a development of a feasibility study report.”
The report will include potential developments within BCDA properties, such as Clark Freeport Zone and Clark Civil Aviation Complex in Pampanga, New Clark City in Tarlac, and Poro Point Freeport Zone in La Union.
Among the BCDA projects that will be explored by MIC are the expansion of the Clark International Airport, which includes the construction of a second runway, taxiways, aprons, and landside access roads and utilities; affordable housing project in New Clark City; Clark Integrated Public Transport System; Poro Point Seaport Modernization Program; and Clark Central Business District.
"The initial five projects we've identified will entail an investment of around USD4 billion for the file," Bingcang said.
Bingcang said most of the projects could be implemented within the year.
"We have different business models. And of course, we most definitely welcome MIC participation because it's a vote of approval, a show of confidence to our projects that we can show to our investors abroad that the national government, the Philippine government is behind us in developing these programs," he said.
Consing, for his part, said the MIC is carefully studying BCDA's proposals.
"Well, the main purpose of the MOU is for us to be able to start looking at the numbers, the specific details of these projects, of these five particular projects," he said.
Consing also assured that the MIC is ready to provide investments as soon as the BCDA needs them.
"We should be prepared. Yeah, we should be ready. We are ready," he added.
Mindoro Island Electrification Partnership
Aside from the partnership with the BCDA, Consing also signed a memorandum of agreement (MOA) with the provincial governments of Oriental Mindoro and Occidental Mindoro, the Oriental Mindoro Electric Cooperative, Occidental Mindoro Electric Cooperative Inc., and the National Electrification Administration.
The MOA aims to revitalize Mindoro Island's power sector, targeting 100 percent electrification.
“This collaboration between government institutions paves the way for MIC to facilitate improvements in our nation's energy generation and distribution. If successful, MIC can replicate this model to support other local government units in need of stable power supply and modernized systems," Consing said. (PNA)
