Maharlika Fund eyes investment in infra projects, including airports

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Perspective of New Manila Interantional Airport. Photo from San Miguel Corp.
  • The Maharlika Investment Fund may be invested in the government’s infrastructure flagship projects, including in airports
  • The MIF will focus on four investment pillars: tourism infrastructure, agricultural urbanism, energy, and information and communications technology
  • Maharlika Investment Corp. CEO Rafael Consing, Jr said the fund will look at various airports for tourism infrastructure, including Ninoy Aquino International, New Manila International, Laoag International, and Laguindingan

The Maharlika Investment Fund (MIF) may be invested in the government’s infrastructure flagship projects, including in airports.

Rafael Jose Consing, Jr., the newly-appointed president and chief executive officer of Maharlika Investment Corp., which will operate the MIF, in a press conference said the country’s inaugural sovereign fund will focus on four investment pillars: tourism infrastructure, agricultural urbanism, energy, and information and communications technology (ICT).

He emphasized the common objective across these pillars, saying, “If you look at all four pillars, the common thread of these four pillars of investment is really generating employment and socioeconomic development, or being able to meet the socio-economic development goals of the Philippines, of the government.”

In particular, Consing is keen on using the MIF for the government’s infrastructure flagship projects (IFPs). He sees the MIF as a catalyst to expedite the delivery of IFPs through its investments.

Currently, there are 196 IFPs in various stages of development, with a majority focused on physical connectivity and transport-related projects.

For tourism infrastructure, Consing eyes airport projects, including the rehabilitation of the Ninoy Aquino International Airport (NAIA), New Manila International Airport (NMIA), Laoag International Airport Development Project, and upgrade of Laguindingan Airport.

The Department of Transportation and Manila International Airport Authority are currently in the process of bidding out the contract for the rehabilitation and operation of NAIA. Meanwhile, the P740 billion NMIA project by San Miguel Aerocity Inc. in Bulakan, Bulacan, spanning 2,500 hectares, is expected to commence operations in 2026.

READ: NAIA rehab contract award seen in Q1 2024; New Bulacan airport site development 70% complete

For energy projects, the focus may include the rehabilitation of two hydropower projects including the Agus-Pulangi and the Caliraya-Botocan-Kalayaan hydropower plants.

Republic Act No. 11954, otherwise known as the MIF Act of 2023, established the Philippines’ first sovereign wealth fund aimed to catalyze economic development and accelerate the country’s growth by optimizing the use of government financial assets and promoting their intergenerational management.