Maharlika Investment Corporation (MIC) President and CEO Rafael D. Consing Jr. (left) and Bases Conversion and Development Authority President and CEO Joshua M. Bingcang (right) signed a Memorandum of Understanding (MOU), formalizing strategic partnership for the establishment of sustainable urban communities. (Photo by: Lester Naguna/PIA-NCR) 

QUEZON CITY, (PIA) – The Maharlika Investment Corporation (MIC) on Monday, April 29, has entered into a Memorandum of Understanding (MOU) with the Bases Conversion and Development Authority (BCDA) for the construction of infrastructure development projects that will transform the country’s ecozones into economic growth centers. 

“The BCDA has consistently proven itself as a prime mover of economic growth with its well-managed properties generating substantial returns for the Filipino people,” said Department of Finance (DOF) Secretary Ralph Recto who is concurrently serving as the Chairperson of the MIC. 

BCDA President and Chief Executive Officer (PCEO) Joshua Bingcang, for his part, explained that this strategic partnership will provide for the framework to address the funding requirements of BCDA’s priority projects including the Clark Central Business District in Pampanga, affordable Mass Housing Program in New Clark City, Phase 1 expansion of the Clark International Airport, the Clark Integrated Public Transport System, and the Poro Point Seaport Modernization in La Union. 

“With the help of the MIC, we can accelerate the implementation of these projects and once these projects are completed, we can market the country more to the investors abroad, and in return it will generate more revenues, bring more jobs, and other opportunities for the Filipino people as well as steer back the country to high growth trajectory,” said Bingcang. 

The said projects also complement the key infrastructure projects of the Department of Transportation (DOTr), particularly the North-South Commuter Railway, Subic Clark Railway, and the Luzon Economic Corridor with support from the United States and Japanese government.

PCEO Bingcang noted that an approximate amount of P4 billion was initially earmarked for the implementation of the five projects mentioned. 60 percent of the funding will essentially come from the private sector partners of the BCDA while the remaining 40 percent will be discussed among its partners from the national government, including the MIC.  

In effect, MIC PCEO Rafael Jose Consing Jr. underscored the commitment of the corporation to fulfilling the purpose of the sovereign wealth fund, especially in terms of uplifting the quality of life of Filipinos through enhanced infrastructure, improved investment capital, and increased jobs. 

“[This] is more than just a formality. It's a declaration of our shared commitment to build a nation where progress is not just measured in pesos and percentages, but in lives transformed,” said Consing.

“The Maharlika Investment Corporation, born from the vision of our nation's leadership, carries a twin mandate: to secure a high rate of return on investments while simultaneously serving as a catalyst for the Philippines' socio-economic advancement,” he added. 

Following the MOU signing, Secretary Recto also witnessed the ceremonial turnover of the dividend remittance worth P1.1 billion to the Bureau of Treasury (BTr) from the BCDA. 

To date, the BCDA was able to contribute P5.8 billion in the last five years to the national government which, in the same manner, helped fund priority development projects. This brings the total dividend contribution of the BCDA to P9.6 billion since its inception in 1992. 

BCDA is a trusted development corporation ratified by virtue of Republic Act 9400 to help the country create economic opportunities through engaging in innovative public-private partnerships for the establishment of integrated developments such as tollways, airports, seaports, and other dynamic business centers and real estate developments. 

Building upon its roots, BCDA was known for transforming military bases into thriving economic powerhouses by efficient stewardship of government resources. 

On the other hand, the MIC is the country’s inaugural sovereign wealth fund aimed at maximizing the profitability of government resources towards driving innovation, sustainable development, and economic growth. 

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What is the Maharlika Investment Fund all about?

This partnership marks the potential inaugural investment portfolio of the MIC after its institutionalization in July 2023. (JMP/PIA-NCR)