Maharlika Investment Corp. OKs P125 billion capitalization scheme

By: Jean Mangaluz - 12 months ago

President Ferdinand Marcos Jr. swears in Rafael Consing Jr. as the Maharlika Investment Corp. President and CEO. Photo from PCO.

MANILA, Philippines — The Maharlika Investment Corporation (MIC) approved a capitalization scheme of P125 billion.

The MIC, which is the governing body of the Maharlika Investment Fund (MIF), held a meeting on Wednesday.

“The Board approved the presented Capitalization Scheme of the MIC amounting to PHP 125 billion,” the Department of Finance (DOF) said in a statement.

According to the DOF, the MIC President and Chief Executive Officer (PCEO) Rafael D. Consing, Jr. presented the following sectors to tap: oil, gas, and power; agroforestry industrial urbanization; mineral processing; tourism; transportation; and aerospace and aviation.

“The inaugural board meeting of the Maharlika Investment Corp., held yesterday, January 3rd, 2024, was the sowing of a seed, destined to grow into a mighty sequoia of multigenerational commercial and economic value for the Philippines,” Consing said.

The DOF said that investments in the MIF would be used to fast-track the country’s 197 high-impact infrastructure flagship projects.