Manila, Philippines - The Maharlika Investment Corporation (MIC) has formalized agreements to investigate investment avenues in infrastructure and the energy sectors. The announcement came on Monday as MIC signed a Memorandum of Understanding (MOU) with the Bases Conversion and Development Authority (BCDA) and a separate memorandum of agreement (MOA) focusing on electrification in Mindoro.
According to Philippines News Agency, the MOU between MIC and BCDA aims to evaluate collaborative projects in transportation, logistics, affordable housing, and agro-industrial urbanization. BCDA president Joshua Bingcang and MIC's Rafael Consing Jr. detailed plans to integrate several BCDA projects into MIC's portfolio. This includes potential developments at strategic locations such as Clark Freeport Zone and New Clark City. Projects under consideration include a massive expansion of Clark International Airport and a comprehensive modernization of Poro Point Seaport.
The partnerships are anticipated to involve an investment totaling approximately USD 4 billion, which Bingcang believes could be mobilized within the year. He highlighted the national government's support as a significant endorsement for attracting further investment. Consing emphasized the importance of the MOU for beginning detailed assessments of these initiatives, assuring that MIC is prepared to fund the projects as needed.
In addition to the BCDA agreement, MIC has also committed to an MOA aimed at achieving full electrification of Mindoro Island. This agreement involves the provincial governments of Oriental Mindoro and Occidental Mindoro, the respective local electric cooperatives, and the National Electrification Administration. Consing noted that this collaboration could serve as a model for other regions, enhancing national energy generation and distribution capabilities.