Maharlika Investment Corporation (MIC), the Philippines’s first sovereign wealth fund, is partnering with Thailand’s Charoen Pokphand Group (CP Group) to establish a $1-billion private equity fund.
The memorandum of understanding, signed over the weekend, outlines plans to accelerate investments in agriculture, food production, digital innovation, and sustainable energy in the Philippines.
“This partnership will lay the groundwork for a multi-sectoral investment initiative that will drive long-term economic growth while reinforcing the Philippines’ position as a premier investment destination,” Rafael Consing Jr., MIC president and CEO, said during the signing of the agreement.
A special committee will oversee project selection, fund management, and investor engagement, with the first round of funding anticipated within 9-12 months.
The ceremonial signing was witnessed by Philippines President Ferdinand Marcos Jr. MIC’s Rafael Consing Jr. and CP Group chairperson Soopakij Chearavanont represented their respective organisations.
Established under the Republic Act 11954, MIC is designed to generate long-term returns to support national economic priorities.
CP Group, one of Asia’s largest multinational conglomerates, operates in over 30 countries with a focus on agriculture, food, and retail.
The deal follows MIC’s recent agreement with Synergy Grid and Development Philippines Inc. for the acquisition of a 20% stake in the National Grid Corporation of the Philippines (NGCP).
Singapore’s sovereign wealth fund GIC and state investor Temasek have been reported earlier to have expressed “good interest” in investing in MIC.
