The Maharlika Investment Corporation (MIC) is now exploring the possibility of investing in agro-industries.

"MIC is interested to invest in agro-industry. They are considering coco oil mills among others. But no details as of now. It’s a work in progress," Department of Finance (DOF) Secretary and MIC chairperson Ralph Recto said.

Just last week, the MIC board had conducted their fifth board meeting which was presided by Recto and MIC president and chief executive officer Rafael Consing Jr.

The MIC Board had approved discussions with the DOF-Privatization Management Office to explore investment opportunities in government assets, particularly in coconut mills and refineries.

Meanwhile, Consing said that the MIC is "investigating strategic opportunities in the agri sector." 

It is learned that the MIC will most likely make its first investment in the energy sector.

"Based on our ongoing discussions and the timing thereof, I believe the first announcements will be power-sector-related," he said.

The MIC is responsible for the overall governance and utilization of the Maharlika Investment Fund for investments in transactions to optimize returns on investments.