MANILA - The Maharlika Investment Corporation is targeting to make its first investment by the fourth quarter of 2024, according to its CEO Rafael Consing Jr.

On the sidelines of the SGV & Co. Knowledge Institute’s Philippine Economic Outlook on Monday, Consing said that the first commitment will possibly be in the renewable energy sector.

“The reasons are quite obvious right? I mean you and I, we pay for very high electricity costs and it takes a lot of time to build up that electricity. The economy’s still growing, population is still growing, and if your supply is not growing then you’re going to have an imbalance," Consing said.

After the energy sector, the Philippines’ sovereign wealth is aiming to get investments in infrastructure and agriculture. 

Consing clarified that each sector will eventually have a balanced share in the fund.

“I think that over three years, we will balance that out at roughly about no more than 15 percent per sectoral exposure. We have to be able to distribute the capital and allocate it accordingly to the different sectors that actually require it because if you don’t put limits to it, you might become overweight in some sectors and leave out others that actually need capital,” Consing said.

The MIC is still finalizing its organizational structure before it makes it first investment.

• Maharlika fund chief says 'inspired' to work for Filipinos
• Romualdez proposes Maharlika fund investment in NGCP after massive Panay blackout