Maharlika Fund Makes Maiden Investment in National Grid Corporation of the Philippines

• Maharlika Fund Takes Stake in Power Grid

• Government Regains Influence Over Power Grid Through Maharlika Fund Investment

• Controversial Fund Makes First Move: Maharlika Invests in NGCP

 

 MANILA, Philippines — The Maharlika Investment Corp. (MIC), the governing body of the controversial Maharlika Investment Fund, has made its first investment by acquiring a stake in the National Grid Corporation of the Philippines (NGCP). 

The Presidential Communications Office (PCO) announced Monday that Synergy Grid and Development Philippines Inc. (SGP), led by Henry Sy Jr., accepted MIC's offer for a 20% stake in NGCP. President Ferdinand Marcos Jr. personally witnessed the signing of the binding term sheet at Malacañang Palace.  

"Congratulations, everyone. I know it wasn't easy. I think, in the end, we found a good solution to everyone's concern," Marcos said at the ceremony.

MIC President and CEO Rafael Consing Jr. stated that SGP, which holds a 40.2% effective ownership in NGCP, will grant MIC two board seats each at SGP and NGCP.  

Malacañang hailed the investment as a significant step towards "regaining" government influence over the country's critical power infrastructure. Notably, China's State Grid Corporation owns 40% of NGCP. The Palace emphasized the importance of ensuring reliable and affordable power access for all Filipinos.  

The Maharlika Investment Fund, enacted into law in 2023, faced considerable opposition during its legislative journey. Critics argued against using capital from state-run banks LandBank and Development Bank of the Philippines (DBP) to fund the initiative.