RAFAEL CONSING, JR. –INQUIRER PHOTO
MANILA, Philippines —Maharlika Investment Corp. (MIC), the corporate entity of the country’s first ever sovereign wealth fund, is poised to make its first ever investment by the end of the year, which would be in the renewable energy sector.
“So we’re aiming for energy sector [to] be the first, I think. Then you’ve got infrastructure and agriculture. So these are the three sectors, which I think will most likely make their first commitments,” MIC president and CEO Rafael Consing Jr. told reporters on the sidelines of a forum organized by SGV & Co. on Monday.
“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 added.
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While he did not name the energy company involved in the upcoming investment undertaking due to nondisclosure agreements, Consing said the MIC would put its money on clean power investments.
“We pay for very high electricity costs, right? And it takes a bit of time to build up that electricity,” he said. “So hence, it makes sense for one to begin investing this early.”
Last month, the MIC’s Board approved the presented capitalization scheme of the company amounting to P125 billion.
Consing said the MIC had already submitted its proposed budget to the Department of Budget and Management, which is now fine-tuning the company’s proposed spending plan. —Ian Nicolas P. Cigaral INQ