MIC eyes investments in 5 BCDA properties
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THE Maharlika Investment Corp. (MIC) inked a memorandum of understanding with the state-run Bases Conversion and Development Authority (BCDA) on Monday to explore investment opportunities within five BCDA properties.
MIC President and Chief Executive Officer (PCEO) Rafael D. Consing Jr. and BCDA PCEO Engr. Joshua M. Bingcang signed the memorandum to embark on the collaboration, which entails the inclusion of BCDA’s programs and projects in MIC’s portfolio.
The five BCDA projects being considered are the Housing Project in New Clark City, Phase 1 of the Clark International Airport Expansion Project, Poro Point Seaport Modernization Program, Clark Integrated Public Transport System, and the Clark Central Business District which entails an investment of around $4 billion.
Bingcang said that 60 percent of the investment may come from the private sector while the remaining 40 percent can be discussed among government partners, one of which is MIC.
“The MIC’s role in these initiatives is multifaceted. We aim to serve as an anchor, providing the stability and security to attract much-needed private capital, particularly foreign direct investments,” Consing said.
The purpose of the signing, Consing added, is for the MIC to further take into consideration the numbers and specific details of each of the five projects in the pipeline.
“Furthermore, we wish to explore an innovative financial approach: the partial securitization of expected cash flows derived from BCDA’s earnings from the Fort Bonifacio Development Corporation, the Subic-Clark-Tarlac Expressway, and Clark Airport,” Consing said.
“We want to make sure that every investment they will put in BCDA will give the necessary returns as part of their mandate to be reinvested in national projects, to the government,”
Bingcang said.
Earlier, Consing said the MIC aims to raise about $1 billion in investments for the energy sector, particularly in solar energy, alone towards the end of the year.
The MIC is the sole vehicle for mobilizing and utilizing the Maharlika Investment Fund for investments in transactions aimed at generating optimal returns on investments created through Republic Act (RA) 11954 (An Act Establishing the Maharlika Investment Fund).
The MIC shall have an authorized capital stock of P500 billion, of which the P125 billion seed capital will come from the LBP and DBP. The P75 billion collectively remitted by the two state-run lender is still P50 billion short as required by the law, the act further stated.
An additional P50 billion will come from the Bangko Sentral ng Pilipinas and the national government’s share in the Philippine Amusement and Gaming Corp. and government financial institutions.
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