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Maharlika Investment Corp signed an agreement to explore investments in Clark
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Possible investments focus on transportation, logistics, affordable housing and agro-industrial urbanization
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Expansion of Clark International Airport is being eyed
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Also signed was a pact to upgrade Mindoro’s power infrastructure
The Maharlika Investment Corporation (MIC) has signed an agreement to explore investments in Clark, Pampanga, as well as upgrade the power infrastructure of Mindoro.
The Philippines’ first sovereign wealth fund, the MIC on April 29 signed a memorandum of understanding with the Bases Conversion and Development Authority (BCDA) for possible investments on transportation, logistics, affordable housing and agro-industrial urbanization.
In a statement, the BCDA said: “Among the BCDA projects that will be explored by MIC are the expansion of Clark International Airport, which includes the construction of a second runway, taxiways, aprons, and landslide access roads and utilities; affordable housing project in New Clark City; Clark Integrated Public Transport System; and Poro Point Seaport Modernization program.”
Also under consideration are investments in Clark Central Business District, and the Solid Waste Management and Waste-to-Energy Project in New Clark City.
“We are optimistic that the Maharlika Investment Corporation will see our shovel-ready projects and programs as commercially and financially viable investments that will generate optimal returns for the government and for the Filipino people,” said BCDA president and CEO Joshua Bingcang.
For his part, Finance Secretary Ralph Recto said: “I cannot think of a better inaugural investment portfolio for Maharlika than the BCDA’s flagship infrastructure projects within the vibrant Clark Freeport and Special Economic Zone. One can only imagine the wealth of opportunities that will be fully unlocked by this strategic partnership between the country’s two important growth vehicles.”
Rafael Consing, Jr., president and CEO of MIC, said the collaboration between government institutions “paves the way for MIC to facilitate improvements in our nation’s energy generation and distribution, following the signing of an agreement with the local government units of Oriental and Occidental Mindoro, the electric cooperatives of both provinces, and the National Electrification Administration.
The pact is expected to bring power to the entire island of Mindoro.
The MIC had earlier stated that it wanted to focus its investments on energy and infrastructure, among other sectors of the economy.
A flagship project of the Marcos administration, MIC is seeking to join the International Forum of Sovereign Wealth Funds (IFSWF) as associate member. The IFSWF is a voluntary organization of global sovereign wealth funds committed to working together and strengthening the community through dialogue, research, and self-assessment.
READ: 3 key BCDA projects endorsed for Luzon Economic Corridor
