The Maharlika Investment Corporation (MIC) outlined a three-tier strategy aimed at addressing global energy challenges and strengthening national resilience, its chief executive officer said.

MIC CEO Rafael D. Consing Jr. revealed the key projects during a press conference on 15 April, saying these initiatives are designed to respond to evolving global conditions.

“To provide a little context, when we established the MIC, we validated it against current global developments, and our identified sectors of focus are indeed aligned with the right direction,” Consing said in English and Filipino.

Consing cited ongoing tensions in the Middle East as an unexpected development, underscoring the importance of energy capacity and stability.

“The idea of energy storage is largely a response to the existing energy situation, rather than something originally anticipated because we didn’t anticipate it. It is being developed to address current supply and pricing challenges,” he said.

The first approach focuses on fuel storage and stability. Consing noted that existing facilities utilize only about 60 percent of their storage capacity, posing risks of fuel shortages and supply disruptions. He described the issue as a “working capital constraint,” as retailers must cope with higher costs to sustain supply.

The second, medium-term plan involves expanding fuel storage capacity and improving infrastructure through partnerships. However, Consing said that if MIC participates, it must avoid direct exposure to market risks for the first two to three years.

As part of this effort, MIC has engaged in discussions with the Philippine National Oil Company (PNOC), which reportedly has around P30 billion allocated for fuel. The proposal includes forming a concession model with PNOC and the private sector for land-based storage facilities and tank farm infrastructure investments.

“We are only the capital providers. We don’t know how to operate this,” Consing said.

The third component involves investing in electricity infrastructure and distribution networks to ensure stable power supply for both small and large businesses, while reducing dependence on diesel.

With lower and more predictable electricity costs, this shift could lessen reliance on diesel—currently accounting for around 80 to 90 percent of energy use in small power utilities group (SPUG) areas—and stabilize power generation costs. Over time, such investments are expected to support stronger local economies, particularly in off-grid communities.

Consing emphasized that the three-tier strategy is designed to adapt to current global energy challenges, with the ultimate goal of building a more resilient, efficient, and future-ready energy system for the country.