Maharlika Seeks Global Capital To Accelerate Philippine Energy Expansion
- November 14, 2026
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Maharlika Investment Corp. (MIC) is seeking to attract foreign sovereign wealth funds to co-invest in Philippine energy and infrastructure projects, as the state-owned investment manager prioritizes domestic development and explores new investment opportunities.
MIC President and Chief Executive Officer Rafael D. Consing Jr. said energy has emerged as a potential area for collaboration among sovereign wealth funds in the Association of Southeast Asian Nations (ASEAN), particularly as countries seek investments in critical infrastructure.
Consing said discussions at the inaugural ASEAN Investment Forum were intended to establish relationships and identify areas where participating sovereign investors could eventually work together.
“Energy is an area which is commonly talked about amongst all of us. I think that is an area, to my mind, if an initial collaboration would occur, it could be invested in,” he said.
He emphasized that MIC wants foreign investors to participate in projects within the Philippines rather than immediately pursue investment opportunities overseas.
“When I say co-invest, I’m hoping that they co-invest here,” Consing said. “I don’t see ourselves crossing the border until we’ve developed certain levels of surplus that we can hedge,” he added.
The strategy involves building MIC’s asset base, developing investments into viable assets and eventually inviting foreign capital to participate. This could also allow the fund to sell some of its holdings and generate additional capital for reinvestment.
Energy Access And Transmission
Within the energy sector, Consing identified electricity transmission as a particularly attractive investment area because of its multiplier effect across the power industry.
However, he said MIC’s immediate priority over its first five years is to help extend electricity access to underserved communities, particularly those covered by the Small Power Utilities Group (SPUG), which serves remote islands and isolated areas.
“We’re a very strong believer in power precedes progress. The most expensive power is no power. And we still have millions of Filipinos who still don’t have access to power,” he said.
Despite shelving its proposed investment in Synergy Grid & Development Philippines Inc. (SGP), the holding company of the National Grid Corp. of the Philippines (NGCP), Consing said MIC could support electricity expansion through the National Electrification Administration (NEA) and the National Power Corp. (NPC).
He said SGP could continue implementing its approved grid expansion projects while MIC explores investments that would help bring electricity to communities that remain underserved.
Consing also pointed to telecommunications as a possible complementary investment in remote areas, noting that many communities without reliable electricity also lack dependable communications services.
Combining power and telecommunications infrastructure could improve access to essential services and support economic activity in isolated communities.
New Investments
MIC confirmed on Nov. 5 that it would not proceed for now with its proposed acquisition of an approximately 20-percent equity interest in SGP, which indirectly controls NGCP.
The proposed ₱19.7-billion transaction involved convertible preferred shares and would have given MIC the right to elect two directors to SGP’s expanded nine-member board. MIC had previously disclosed owning 0.96 percent of SGP’s outstanding shares.
The fund said its decision followed an assessment of the transaction’s terms during detailed negotiations, taking into account its investment mandate, priorities and responsibility to manage public funds prudently.
Consing said the decision would not affect SGP’s financial position or NGCP’s operations, stressing that the government’s commitment to a secure and reliable transmission network remained unchanged.
MIC is now considering up to three additional investments worth as much as ₱4 billion before the end of 2026. Consing said potential opportunities were being evaluated in utilities and infrastructure, industrials and agriculture, subject to approval by the fund’s board.
Market observers offered differing views on the abandoned grid investment. Chinabank Capital Corp. Managing Director Juan Paolo Colet suggested that MIC consider other strategic priorities, including port development and the Department of Energy’s strategic fuel reserve program. He also cited regulatory improvements and faster right-of-way acquisition as ways to support transmission infrastructure.
Meanwhile, Ateneo Center for Economic Research and Development Senior Research Fellow Ser Percival Peña-Reyes described the decision as a missed opportunity for MIC to establish a strategic presence in the transmission sector, raising questions about the fund’s ability to execute major investments.
Building Institutional Credibility
MIC said its investments were beginning to contribute more significantly to its financial performance, accounting for 50 percent of its revenues in the third quarter of 2026.
The fund deployed ₱18.773 billion in capital during the first nine months of the year, bringing cumulative deployment to ₱24.689 billion since its institutional build-out in 2024.
MIC is also seeking to strengthen its international standing. Consing said the fund had submitted an application for full membership in the International Forum of Sovereign Wealth Funds (IFSWF), having been admitted as an associate member in 2024.
Associate membership allows sovereign wealth funds to implement the Santiago Principles, a framework of 24 generally accepted principles covering governance, transparency, accountability, investment management and risk controls.
MIC had previously targeted full membership by 2027, following a three-year period to integrate the principles. Consing said the application could take effect immediately if approved by the IFSWF board during its scheduled meeting.
The membership would further establish MIC’s institutional credentials as it seeks partnerships with other sovereign investors and positions itself as a vehicle for financing Philippine development priorities.
Source:
https://businessmirror.com.ph/2026/11/11/maharlika-eyes-sovereign-wealth-funds-for-energy
https://tribune.net.ph/2026/11/05/maharlika-eyes-p4-b-investments-before-year-end
