MIC Eyes Investment In Agro-Industries

The Maharlika Investment Corporation (MIC) is exploring potential investments in agro-industries, as revealed by Department of Finance (DOF) Secretary and MIC chairperson Ralph Recto.

The MIC is tasked with overseeing the governance and utilization of the Maharlika Investment Fund for investment transactions aimed at optimizing returns. I Photo: Department of Finance Philippines Facebook

Recto stated, "MIC is interested in investing in agro-industry. They are considering coco oil mills among others. But no details are available as of now. It's a work in progress."

The MIC is tasked with overseeing the governance and utilization of the Maharlika Investment Fund for investment transactions aimed at optimizing returns. It leverages state assets for investment ventures to generate additional revenues for public funds.

During its fifth board meeting held last week, chaired by Recto and attended by MIC President and Chief Executive Officer Rafael Consing, Jr., the MIC Board approved discussions with the DOF-Privatization Management Office to explore investment opportunities in government assets, particularly in coconut mills and refineries.

Consing mentioned that the MIC is likely to make its initial investment in the energy sector, while simultaneously investigating strategic opportunities in the agricultural sector.

He stated, "Based on our ongoing discussions and the timing thereof, I believe the first announcements will be power-sector-related."

Consing emphasized that energy security is one of the MIC's primary areas of focus.

He highlighted the MIC's concentration on renewable energy, exploring new sources to diversify supply and create price stability, modernizing the grid, and improving electricity distribution.

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