Maharlika Investment Corp buys into national grid operator

The NGCP substation at Araneta avenue in Quezon City, Philippines, seen in November 14, 2011 file photo from businessworldonline.

MANILA — The Philippines‘ sovereign wealth fund Maharlika Investment Corp is buying a 20% stake in the country’s electricity grid operator National Grid Corp of the Philippines, the president’s office said on Monday.

“The maiden investment represents a vital opportunity for the government to regain greater influence over the nation’s critical power infrastructure to ensure that every Filipino has access to reliable and affordable power,” it said in a statement.

—Reporting by Mikhail Flores; Editing by Martin Petty