Despite an escalating war in the Middle East, nothing is stopping Maharlika Investment Corp. (MIC), which manages the Philippines’ first sovereign wealth fund (SWF), and its partners in the region from moving forward with their ongoing projects.

“It is business as usual,” MIC President and Chief Executive Officer (CEO) Rafael D. Consing Jr. told Manila Bulletin on Tuesday, March 3, when asked if the intensifying conflict among the United States, Israel, and Iran poses risks to the SWF’s ventures with its Middle Eastern partners, as fighting spreads across the region.

Last year, MIC and ACWA Power, which is 40-percent owned by Saudi Arabia’s Public Investment Fund (PIF), signed a memorandum of understanding (MOU) to explore the development of renewable energy (RE) projects, especially in off-grid areas in the Philippines. PIF is Saudi Arabia’s SWF and one of the largest in the world.

Also, Dubai-based multinational logistics giant DP World is involved in MIC’s acquisition of a bigger stake in Tanco-led Asian Terminals Inc. (ATI).

“While we are naturally concerned by the situation in the Middle East, our partnerships with ACWA Power and DP World are built on a horizon of decades,” Consing said.

The MIC chief pointed out that “sovereign-to-sovereign investments are specifically designed to weather geopolitical cycles.”

“Our current workflows—from the technical studies for off-grid island power to our logistics modernization with DP World—remain steady,” he added.

Referring to the ongoing war, Consing said that “the current global volatility underscores why we are prioritizing energy resilience and logistics efficiency as our core pillars for 2026.”

“We are focused on the work at hand here at home,” he said.

Consing earlier told Manila Bulletin that MIC is accelerating its entry into the logistics and energy sectors, with two cornerstone deals expected to close in the first quarter of this year.

In particular, MIC is acquiring an 11.2-percent stake in ATI, which is set to delist from the Philippine Stock Exchange (PSE) in April.

Last January, MIC signed an agreement with Synergy Grid & Development Phils. Inc. (SGP) to acquire 20-percent stake in National Grid Corp. of the Philippines (NGCP) to secure a foothold in the national transmission grid.

According to Consing, MIC is deploying capital to capture value from critical utilities with high barriers to entry and a direct link to the country’s gross domestic product (GDP) growth.

Also, MIC is exploring high-potential public-private partnership (PPP) opportunities in the agriculture sector, which could be forged within the first half of the year, to build a more resilient and affordable supply chain, support local farmers, and reduce household food costs.

To provide long-term protection against potential losses from global declines in purchasing power, MIC is also targeting mining as a “fifth economic pillar” that generates employment, in line with its strategy to position the minerals sector as a major component of the country’s precious metals and industrial resource plan, according to Consing.

Manila Bulletin reported last month that Makilala Mining Co. Inc. (MMCI), the local unit of Australia’s Celsius Resources Ltd., plans to begin construction of its Maalinao-Caigutan-Biyog (MCB) copper-gold project in Kalinga province by the second quarter of 2026.

The feasibility study (FS) for MCB was funded by MIC as part of its $76.4-million loan facility for the project.

MIC signed a binding term sheet agreement with MMCI last year to finance the FS, along with the front-end engineering design (FEED) of the site.

Under the agreement, both parties are expected to negotiate the equity sale of MMCI shares to MIC.