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Manila Bulletin devider Business devider Trade & Industry devider Maharlika's NGCP foothold in limbo as DOE launches investigation

Maharlika's NGCP foothold in limbo as DOE launches investigation

Published Oct 23, 2025 06:17 pm
Energy Secretary Sharon Garin
Energy Secretary Sharon Garin
The Department of Energy (DOE) plans to look into the stalled deal between state-run Maharlika Investment Corp. (MIC) and Synergy Grid & Development Philippines, Inc. (SGP), as the transaction documents have remained unclosed for more than 90 days since they signed a binding offer.
During a Senate hearing on the energy agencies’ proposed 2026 budget, Department of Energy (DOE) Secretary Sharon Garin said that they would send an official inquiry to investigate the contract, wherein it previously stated that MIC would have a 20 percent stake in SGP to secure its presence in the National Grid Corporation of the Philippines (NGCP).
The deal would also grant MIC two board seats each in SGP and NGCP. However, since the binding offer to acquire the shares was accepted in January this year, the transaction has yet to be finalized. These documents are said to be signed within 90 days (approximately three months), with the option to extend to a total of 180 days if needed.
“So far, we have not gotten any official communication regarding the two members of the board. They are supposed to be 12 and additional two to accommodate Maharlika,” Garin said on Thursday, Oct. 23.
“As concessionaires, they should inform TransCo (National Transmission Corp.) for the very least of any changes. [We’ll] send them [MIC] an official inquiry.”
This concern was raised by Senator Sherwin Gatchalian, who assumed MIC would have a foothold in the grid operator.
“I was surprised to hear… that the Maharlika deal isn’t a done deal yet. I was thinking, ‘okay it’s privatized, it went to the hands of the private sector, 40 percent goes to SGCC (State Grid Corporation of China), but our way to have eyes and ears is to buy out the local partner or the local entit,y which I support, which I think is important,” Gatchalian said.
Last week, concerns were also raised over a board vacancy, but SGP assured that its former vice chairman and director, Robert Coyiuto Jr., remains a shareholder of the company.

Related Tags

Department of Energy (DOE) National Grid Corporation of the Philippines (NGCP) Maharlika Investemnt Corp. (MIC)
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