Maharlika Investment Corporation (MIC) and Thailand’s Charoen Pokphand Group Co., Ltd. (CP Group) signed a memorandum of understanding (MOU) on Saturday to accelerate investments in agriculture and food production, digital innovation, and sustainable energy.
The signing of the MOU was witnessed by President Ferdinand R. Marcos Jr. in a ceremony at Malacañan Palace in Manila, according to the MIC news release.
Signatories were MIC president and chief executive officer Rafael Consing Jr. and CP Group chairperson Soopakij Chearavanont.
The MOU enables the MIC and TC Group to formalize their strategic partnerships for agri-food modernization, digital and e-commerce expansion, sustainable energy and infrastructure.
The agreement aims to strengthen food security and agricultural value chains, speed up digital transformation and fintech adoption, and scale up renewable energy and green initiatives in the Philippines.
Under the deal, MIC and CP Group will aim to establish a private equity fund, with a target to raise up to $1 billion.
“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,” Consing said.
The MIC said a steering committee will drive project selection, fund structuring and investor engagement. The first capital close is expected within the next nine to 12 months.
Established by virtue of Republic Act 11954, Maharlika Investment Fund is the Philippines’ sovereign wealth fund mandated to generate sustainable long-term returns that support national economic priorities.
CP Group, founded in 1921, is one of Asia’s largest multinational conglomerates with operations in at least 30 countries, focused on agriculture, food production and retail.
On Jan. 27, the MIC signed an agreement with Synergy Grid and Development Philippines Inc. to acquire a 20-percent stake in the National Grid Corporation of the Philippines.
Additional MIC investments are in the works, Consing said in a Palace briefing on Jan. 28.
MIC PHOTO
