Maharlika keen on funding key BCDA projects

POINTS OF COLLABORATION Maharlika and BCDA have committed to look more closely at project numbers to determine possible joint projects. —PORO POINT FREEPORT WEBSITE

Maharlika Investment Corp. (MIC), the company managing the country’s first sovereign wealth fund, will explore possible investment opportunities in key projects of the Bases Conversion and Development Authority (BCDA), which has a pipeline of airport and cheap housing undertakings.

MIC signified this interest when it sealed a memorandum of understanding with BCDA last April 29. MIC was represented by its president and CEO, Rafael Consing Jr., while BCDA chief Joshua Bingcang signed on behalf of the firm.

Under the MOU, BCDA—the state-run firm that converts former military bases to economic development hubs—and MIC will “further discuss, share knowledge, and explore potential collaboration that will lead to the development of a feasibility study report of a potential investment portfolio,” a statement from the Department of Finance said.

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.

Possible projects

Among the BCDA projects that will be explored by MIC are the expansion of Clark International Airport, which includes the construction of a second runway, taxiways, aprons, and landside access roads and utilities.

The MIC may also help fund the affordable housing project of BCDA in New Clark City and in four more projects: the Clark Integrated Public Transport System; Poro Point Seaport Modernization program; Clark Central Business District; and Solid Waste Management and Waste-to-Energy Project in New Clark City.

The projects, to be built under public-private partnerships, would need funding of around $4 billion.

“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. So, we’ve gone through it before, but this time we will go into it much deeper,” Consing said.

Consing earlier said the MIC was expected to record its first ever profit this year, which would come from interest income and dividends from its investees.