Maharlika Investment Corp. puts NGCP investment on hold

MANILA — The Maharlika Investment Corporation (MIC) on Thursday confirmed it is deferring its proposed investment in Synergy Grid & Development Phils. Inc. (SGP), the listed holding company behind the National Grid Corporation of the Philippines (NGCP).

Under the proposed deal, the Philippines’ first sovereign wealth fund was supposed to acquire a 20 percent stake in SGP, along with two seats on the holding company’s board and another two on the board of the grid operator.

The agreement was formalized in January 2025, with President Ferdinand Marcos Jr. witnessing the ceremony.

However, outgoing MIC President and CEO Rafael Consing Jr. said the investment will not  push through for now.

“That decision really followed our continuing evaluation of the transaction and as the terms develop over the course of legal negotiations, also within the context of what’s happening currently in geopolitics,” said Consing during a press conference in Taguig.

Citing SGP’s disclosure, Consing said the decision would have no impact on the company’s capital structure or financial position, or on NGCP’s operations and delivery of transmission services.

Moving forward, Consing said MIC remains interested in investing in energy transmission, particularly in projects that could help connect areas not served by the country’s main power grids.

“We’re not investing in specific energy projects. We’re not building solar power or coal (plants), but rather we’re supporting lines because that’s got the most multiplier impact,” he said.