There was no delay in the acquisition of the first investment venture of the Maharlika Investment Corp. (MIC), the manager of the country’s first sovereign wealth fund said on Tuesday.
Speaking during a press briefing in Malacanang, MIC President and CEO Rafael Jose Consing Jr. stressed that finding and executing investment ventures took more time.
“It takes a bit of time in terms of looking for and executing these investments. I would not look at this as a delay but rather, it takes really that much time to undertake investments,” Consing said.
On Monday, President Ferdinand Marcos Jr. witnessed the signing of an agreement between Consing and Henry Sy Jy, Chairman of Synergy Grid and Development Philippines Inc. (SGP), for a 20 percent stake in the National Grid Corporation of the Philippines (NGCP).
Consing previously indicated that MIC intended to invest in the energy sector. However, he acknowledged the difficulties in identifying and executing these investments.
Consing was appointed to lead the sovereign wealth fund in November 2023, and the MIC was authorized to hire personnel in July 2024.
Consing said the MIC made its first investment over a year later because its establishment took longer. He noted that obtaining investment was not difficult upon his arrival, but creating the organizational structure required careful attention.
“When I joined on November 3, 2023, we only had a law behind us. The board was appointed on December 3, and our first board meeting occurred on January 3 of 2024,” Consing explained.
“From January 3, it took us quite a bit of time in terms of setting up the organization, obtaining our approvals, writing our frameworks, drafting the charters, and basically ensuring that we’ve got in place a proper organization in order for us to be able to move forward,” he also said. (PND)
