MIC chief tenders courtesy resignation
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Maharlika Investment Corp. (MIC) President and Chief Executive Officer Rafael Jose Consing Jr. submitted his courtesy resignation to President Ferdinand Marcos Jr. after he stressed the need for government realignment.
"I have submitted my unqualified courtesy resignation. This is an important and standard measure to uphold accountability and further strengthen public service," Consing said Thursday.
The MIC manages the Maharlika Investment Fund, the country's first sovereign wealth fund aimed at augmenting government revenues to implement infrastructure, energy, digitalization, and agricultural projects, among others.
The MIC taps various investment instruments, including private equity funds.
Consing said MIC investments include a partnership with Thailand's Charoen Pokphand Group Co., Ltd. (CP Group) to develop local agriculture, energy, and digital sectors by establishing a private equity fund amounting up to $1 billion.
Private equity managers pool funds from investors to buy and improve companies before reselling them to gain higher profits. The MIC and the CP Group eye raising up to $1 billion in private equity funds.
Consing said the sovereign wealth fund had an initial 15 percent allocation to sectoral development related to energy, infrastructure, and agriculture.
However, he said this share will be eventually expanded as other sectors will also need to be developed.
Consing said the expanded energy sector should provide power surplus to Filipinos amid the country's growing population and economy.
"It has to be renewable energy. If the supply is not growing, then you're going to have an imbalance, an issue two to three years from now," he said.
"If you take a look at electricity numbers last year, we barely had about anywhere between 15 to 20 percent electricity surplus during peak hours," Consing added.
The MIC received an initial capital of P125 billion, partly from Land Bank of the Philippines and Development Bank of the Philippines. It has an authorized capital stock P500 billion under Republic Act No. 11954 which was signed by Marcos into law in July 2023.
