As sovereign wealth funds (SWFs) abroad also eye the Philippines' mining sector, Maharlika Investment Corp. (MIC) is stepping up to serve as a vehicle for co-investments.

MIC President and Chief Executive Officer (CEO) Rafael D. Consing Jr. told Manila Bulletin last May 8 that an SWF "near Asia" is keenly looking into the country's extractive space.

"We could serve as their vehicle" for a mining co-investment, Consing said.

The MIC, which manages the Philippines' first SWF, could also be a platform to consolidate a pipeline of all viable mining developments in the country, which may likewise be offered to other SWFs and other interested parties for co-investments, he added.

The MIC chief sees mining as potentially emerging as the Philippine economy's fifth pillar, after semiconductor and electronics exports, overseas Filipino workers' (OFWs) remittances, business process outsourcing (BPO), and tourism.

But he noted that despite the Philippines claiming to be the fifth most mineralized country in the world, the mining sector only contributed a "disproportionate" less than one percent to gross domestic product (GDP).

As mining investments may become controversial for environmental reasons, Consing said that any new venture MIC would enter into will adopt the highest standards—integrating an environmental, social, and governance (ESG) framework and adhering to the United Nations' (UN) sustainable development goals (SDGs).

To date, MIC is venturing into mining through a forthcoming $76.4-million bridge loan to Makilala Mining Co. Inc., which plans to kick-start early development works for the Maalinao-Caigutan-Biyog (MCB) copper-gold project in Kalinga province.

While Consing could not provide details at the moment, as the project's foreign partners are listed firms in the Australian and London stock markets, he said MIC underwent "exceptional due diligence" to ensure that the upcoming venture not only has significant economic potential but also responsible design.

For instance, there will be a "very strong social partnership" with the host community, Consing assured.

In general, Consing views the emergence of more SWFs—including United States (US) President Donald Trump's plan to establish a government-owned investment fund under one of the first few executive orders (EOs) he signed upon assuming office last February—as complementary to MIC's own growth ambitions.

"Sovereign wealth funds being created by the various economies, whether large or small, do not pose competition with anyone. It depends on their respective mandates. The size of global markets is large enough to accommodate all funds," he said.

"With markets being large enough, there's more space for sovereign wealth funds being set up; they would be complementary to us," he added.

In the case of MIC, Consing said they have no plan to venture overseas just yet. "I had said that during the nascent stage, we'll manage this as a national development fund to invest in the Philippines. We won't cross the border to generate returns."

Consing earlier told Manila Bulletin that MIC is eyeing at least three new investments before the year ends, aiming to bring total capital commitments to as much as ₱37 billion just two years into its establishment.

Besides the Makilala venture, the one-and-a-half-year-old Maharlika Investment Fund has also undertaken, to date, a ₱19.7-billion investment in National Grid Corporation of the Philippines (NGCP), where it now holds a 20-percent stake, alongside a strategic partnership with Thailand's Charoen Pokphand Group Co. Ltd. for investments in agriculture and food production, digital innovation, as well as sustainable energy.

The ₱35-37 billion in total investments across six to seven projects targeted for deployment by year-end will also include a transportation and logistics infrastructure transaction, Consing had disclosed to Manila Bulletin.

The MIC chief had said that no less than President Ferdinand Marcos Jr. last May 2 witnessed the signing of a memorandum of understanding (MOU) to jumpstart investment talks with a listed firm, which he declined to name, for the next venture. He only said that this company is "listed partly" in the local bourse.