The Maharlika Investment Corporation (MIC) has not yet secured any commitments from overseas investors despite President Ferdinand Marcos Jr.’s numerous foreign trips aimed at attracting foreign investments, an official said on Tuesday, January 28.
In a chance interview with Palace reporters, MIC President and CEO Rafael Consing said no foreign investors have committed to the sovereign wealth fund despite the President’s efforts to promote the country as an investment destination.
When asked how many investors from the President’s foreign trips have invested in MIC, Consing said, “Ilan ang nag-invest? Wala pa. We haven’t opened ourselves up.”
He explained that the MIC is currently focused on building its credibility before actively seeking foreign investments. “We want to build our credibility first, and then we will open further,” Consing said.
The MIC, which was established to manage the Maharlika Investment Fund (MIF), has been under scrutiny since its inception, with critics questioning its readiness and ability to attract foreign capital. Consing’s admission highlights the challenges the fund faces in gaining investor confidence.
“I think by the end of this year, we should have already quite a number of foreign investors in the company,” Consing said when asked for a timeline on when the MIC expects to secure foreign investments.
“We just want to do this and then we will set up these other sub-thematic funds that I have been discussing before. So that’s the intent. But we will do that this year,” Consing added.
Marcos has embarked on several international trips since assuming office, including visits to the United States, Germany, Prague, and various European and ASEAN countries, to promote the Philippines as a prime investment hub. However, the lack of tangible results in terms of foreign investments in the MIC raises questions about the effectiveness of these efforts.
Marcos has signed Republic Act No. 11954, also known as the Maharlika Investment Fund Act of 2023, into law. The legislation aims to leverage state assets for investment opportunities to generate additional public funds.
The law establishes the Maharlika Investment Corp. (MIC), a government-owned entity tasked with managing the Maharlika Investment Fund (MIF). The MIF will serve as a pool of funds initially drawn from state-run financial institutions, which will be invested in high-impact projects, real estate, and financial instruments.
According to the law, the MIC will have an authorized capital stock of P500 billion, with P375 billion allocated as common shares. These shares will be available for subscription by the national government, its agencies, government-owned and controlled corporations (GOCCs), and government financial institutions (GFIs). (TCSP)
