THE Maharlika Investment Corp. (MIC) wants to attract foreign sovereign wealth funds for co-investments in local projects, particularly in energy and infrastructure.
MIC President and CEO Rafael Consing Jr. said the fund was being positioned as a national development fund, with investments within the Philippines the immediate priority.
“When I say co-invest, I’m hoping that they co-invest here,” Consing told reporters at the sidelines of the Asean Investment Forum on Tuesday.
“I don’t see ourselves crossing the border until we’ve developed certain levels of surplus that we can hedge,” he added.
“For now, because the absorptive capacity of the country is still great when it comes to accepting investments, I think we should be investing onshore.” The fund’s strategy is to channel capital into domestic industries and projects where investments could help address infrastructure gaps and support economic development.
Energy has emerged as a potential area for collaboration among sovereign wealth funds, with the MIC chief saying it was one of the sectors commonly discussed by their counterparts.
“Energy is an area which is commonly talked about among all of us,” he said. “So I think that is an area, to my mind, if an initial collaboration would occur, it could be invested.”
Consing said the immediate priority was to build the fund’s asset base and create value before seeking foreign investors to participate in those investments.
“My opinion is let’s build the asset base first. Once value has been created and it becomes an investable asset, then we can get foreign investors to come in,” he said.
He added that the strategy was to develop assets that foreign investors could eventually invest in, potentially allowing Maharlika to exit some of its holdings and generate additional capital for reinvestment.
Moreover, the MIC chief also said they are hoping to secure full membership in the International Forum of Sovereign Wealth Funds (IFSWF) this year.
“We submitted our application just last week,” Consing said.
“I’m hoping that it will get approved at the International Sovereign Wealth Forum happening tomorrow,” he added.
The state-owned investment fund was admitted as an associate member of the IFSWF in 2024, a status that allows sovereign wealth funds to implement the Santiago Principles before applying for regular membership.
Under IFSWF rules, associate members are given three years to integrate the Santiago Principles — a set of 24 generally accepted principles and practices covering governance, accountability, transparency, investment management and risk controls — before undergoing a comprehensive review for full membership.
MIC had previously aimed to complete the process and become a regular member by 2027.
However, Consing said that if the IFSWF Board approves their application this week, it will take effect immediately.
