1 month ago
19
Keisha Ta-Asan - The Philippine Star
February 11, 2025 | 12:00am
CEO Rafael Consing Jr. and CP Group chairman Soopakij Chearavanont
MANILA, Philippines — The Maharlika Investment Corp. (MIC) and Thailand-based Charoen Pokphand Group Co. Ltd. (CP Group) have entered into a landmark agreement to drive investments in agriculture, digital innovation and sustainable energy in the Philippines.
President Marcos witnessed the signing of the memorandum of understanding between MIC president and CEO Rafael Consing Jr. and CP Group chairman Soopakij Chearavanont on Feb. 8 at Malacañang.
The partnership aims to establish a private equity fund targeting up to $1 billion in investments across key sectors.
“This partnership will lay the groundwork for a multi-sectoral investment initiative that will drive long-term economic growth while reinforcing the Philippines’ position as a premier investment destination,” Consing said.
A key focus of the partnership will be the modernization of the country’s agri-food sector, aimed at strengthening food security and enhancing agricultural value chains.
It will also support digital transformation and the expansion of e-commerce, fostering greater adoption of financial technology solutions.
In addition, the collaboration seeks to scale up investments in renewable energy and green infrastructure, aligning with the country’s sustainability goals.
A steering committee will be formed to oversee project selection, fund structuring and investor engagement, with the first capital close expected within the next nine to 12 months.
Established in 1921, CP Group is one of Asia’s largest conglomerates with operations in over 30 countries and has a strong presence in agriculture, food production as well as retail.
MIC is the Philippines’ sovereign wealth fund established under Republic Act 11954. It is mandated to generate sustainable long-term returns that support national economic priorities.
The MIC recently invested P19.5 billion to secure two seats in the National Grid Corp. of the Philippines (NGCP), representing a 20-percent stake. It is expected to generate P1.28 billion per year in the next three years with its P19.7-billion investment in the NGCP, its first since its establishment in 2023.
The wealth fund’s exposure in NGCP is also expected to help significantly reduce the cost of electricity in the country.
