1 month ago
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State-owned Maharlika Investment Corporation (MIC) has inked an agreement with Thailand’s Charoen Pokphand Group Co., Ltd. (CP Group), aiming to raise up to $1 billion or about ₱58.03 billion.
Under the memorandum of understanding (MOU) signed on Saturday, Feb. 8, the MIC and CP Group will set up a private equity fund to raise up to $1 billion. Such a move also accelerates investments in agriculture and food production, digital innovation, and sustainable energy.
“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,” said Rafael Consing Jr., MIC president and CEO.
Through the agreement, the MIC and CP Group will be able to formalize their partnership for agri-food modernization, digital and e-commerce growth, sustainable energy, and infrastructure.
According to the MIC, a special committee will decide which projects to fund, how the fund will be managed, and how to entice investors. The state’s sovereign wealth fund expects to secure the first round of funding within the next nine months to one year.
As per the MIC, the ceremonial signing of the deal was witnessed by the president at Malacañan Palace in Manila. Signatories were Consing and CP Group chairperson Soopakij Chearavanont.
Created under Republic Act 11954, the MIC is the Philippines’ sovereign wealth fund, designed to generate long-term returns to support the country’s economic priorities.
Its partner—CP Group—was founded in 1921 and is one of Asia’s largest multinational conglomerates. It has presence in at least 30 countries with a focus on agriculture, food production, and retail.
MIC recently signed a deal with Synergy Grid and Development Philippines Inc. for its planned acquisition of a 20 percent stake in the National Grid Corporation of the Philippines (NGCP).
Two weeks ago, Consing noted that additional Maharlika investments are in progress.
