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Manila Bulletin devider Business devider MIC plans overseas roadshows to raise capital

MIC plans overseas roadshows to raise capital

Published Nov 16, 2023 07:18 am

At A Glance

  • The Maharlika Investment Corp. (MIC) plans to hold overseas roadshows to attract potential investors to the Philippines' first sovereign wealth fund.<br>The newly-created fund aims to raise capital from foreign investors, sovereign wealth funds, and pension funds through these roadshows.<br>MIC has received a seed capital of P107 billion from the Land Bank of the Philippines, Development Bank of the Philippines, and Bangko Sentral ng Pilipinas.<br>Under the Maharlika Investment Fund Act, MIC has an authorized capital stock of P500 billion.<br>Attracting investors to the sovereign development fund will help fund critical projects in the country and accelerate socio-economic growth.

The Maharlika Investment Corp. (MIC) plans to conduct international roadshows with the aim of attracting potential investors to invest their money in the Philippines' first sovereign wealth fund.

Rafael Jose D. Consing, Jr., MIC president and chief executive officer, said newly-created fund would seek to raise additional capital through a series roadshows targeting foreign investors, sovereign wealth funds, and pension funds.

Consing explained that attracting investors to the MIC would play a vital role in financing essential projects in the country, thus facilitating accelerated socio-economic growth.

The MIC has received a seed capital of P107 billion from the Land Bank of the Philippines, Development Bank of the Philippines, and Bangko Sentral ng Pilipinas (BSP).

Under the Maharlika Investment Fund Act, the MIC has an authorized capital stock amounting to P500 billion.

Consing said the MIC plans to conduct follow-up roadshows in countries where potential investors have shown initial interest in allocating their funds to the MIC.

During President Marcos' recent visit to Saudi Arabia, the government said that investors from the Middle East have expressed keen interest in making investments.

“When we talk about that amount that’s available today, I think it’s a little over PP100 billion, if you include the partial contribution of the BSP. So when you look at that, it’s the seed capital from which we intend to raise more money coming from foreign investors,” Consing said.

The first chief of MIC has identified four key investment sectors, namely tourism infrastructure, agricultural urbanism, energy, and information and communications technology (ICT).

Consing, in particular, cited the MIC's interest in financing the government's infrastructure flagship projects (IFPs), with 38 of them are under public-private partnership (PPP) arrangements.

Regarding tourism infrastructure, Consing said four airport projects that are of utmost importance.

These include the New Manila International Airport in Bulacan, the rehabilitation of the Ninoy Aquino International Airport, the Laoag International Airport Development Project, and the upgrading of the Laguindingan Airport.

In terms of energy projects, he referenced the rehabilitation of two hydropower plants: the Agus-Pulangi and the Caliraya-Botocan-Kalayaan hydropower projects.

Consing also stressed interest in investing in agri-urbanization projects to prioritize food security alongside residential development.

As for ICT projects, Consing did not provide specific investments.

Related Tags

Maharlika Investment Corp. (MIC) Rafael Jose D. Consing Jr. MIC president and CEO
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