The Maharlika Investment Corporation (MIC) is set to announce the first projects it will be funding in the next three to four months.
MIC president and CEO Rafael Jose Consing, in an interview with ANC, said the MIC hopes to announce one or two “commitments” within the said period.
“I think the first announcement would most likely be in the energy space. And the other one could be in the transport space,” he said.
Consing said they are investing in these projects because these are “moving forward much faster than the rest.”
The official had earlier announced that the fund may invest in the following sectors to achieve multigenerational commercial, economic, and social wealth for the Philippines: infrastructure; oil, gas, and power; agroforestry industrial urbanization; mineral processing; tourism; transportation; and aerospace and aviation, ABS-CBN reported.
The executive said they are aiming to double the fund’s capital in two to three years by speaking with more investors.
“You’ve got two basic types of investors that are looking at the Philippines, those foreign investors aiming to put together LPs or limited partnerships with Maharlika in order to co-invest with them, others similarly are looking at co-investing or investing in Maharlika,” he said.
“Those are 2 different sectors, and you also have other potential companies aiming to set up manufacturing or business here from a regional perspective and looking for partners. That is a third audience we are speaking with.”
Consing said it is good for investors to put their money in the Philippines because of its demographic dividend.
“You know the Philippines sits at the very excellent position today. And again, population continues to grow. You know aging is an issue across the globe. And the Philippines does not have that problem,” Consing, quoted by ABS-CBN News, said.
“We’ve got a pyramidal demographic profile, which I think sets us up for significant consumption moving forward,” he noted.
“So I think the Philippines today, really is the right time for the fund to be setting up, and I think the capital formation arising from setting this up, plus also the investments coming in, coming from PPP and also just the expansions that are ongoing or planned moving forward, I think hopefully will provide some tailwind to the capital formation aspect of our GDP,” he explained.
