The Philippines’ Maharlika Investment Corp plans to invest in energy security projects that will link Mindoro and Palawan, the country’s two major island provinces, to the national power grid, Rafael Consing Jr, president and chief executive officer of the sovereign wealth fund, says in an interview with Singapore’s Straits Times newspaper.
He says the wealth fund will build secondary distribution lines and power sub-stations on the islands and eventually connect these to the national power grid so that residents will have access to affordable and reliable electricity.
“Power precedes progress,” Consing says in the interview published on August 3. The investments will begin by the end of the year, he says.
According to Consing, the wealth fund also plans to invest in several big ticket infrastructure projects in a special economic zone in Pampanga, north of Manila. These include expansion of the Clark International Airport, construction of affordable housing and a transportation hub near the airport, and improving a major seaport located further north in La Union province.
Consing also says there are plans to invest in a sustainable copper mining project but didn’t disclose details.
Established in July last year, Maharlika Investment has an authorised start-up capital of 500 billion pesos (US$11.5 billion).
