MIC chief eyes participation in PPP projects

MANILA, Philippines — The head of state-run Maharlika Investment Corp. (MIC) is looking at participating in public-private partnership (PPP) projects following the enactment of a law aimed at providing the Philippines with high-quality infrastructure.

In a television interview with ANC, MIC president and CEO Rafael Consing Jr. said the national development fund would make use of a combination of project financing and investment in corporations in order to make money.

Consing maintained that it will be private sector-led, and that  MIC will not start up such companies per se.

“Rather, we will be participating in PPPs. We got two proposals now that the PPP Code has been passed and the IRR (implementing rules and regulations) is being drafted,” Consing said.

Earlier this month, President Marcos signed the PPP Code, which is seen to enhance collaboration and lay the foundations for better quality infrastructure projects and services for Filipinos.

The new law will establish a stable and predictable environment for collaboration of both public and private sectors, and address the gaps in infrastructure financing.

It will also consolidate all legal frameworks and create a unified system for investors to refer to when engaging in PPP projects.

“Our proposal is, first, allow us to provide a stable capital so that when PPPs are offered, we already have a seat on the table,” Consing said.

“The other one is to be a co-grantor, which means that if there are PPP projects out there that are experiencing delays for whatever reason, perhaps allow us to work with the agency and take it out of the bureaucratic process and allow us to handle it,” he said.

Consing emphasized that the MIC would tender it out in the same process, as if it is the PPP center doing it, except that now it can be done on a multiple basis.

The PPP Code was a priority measure of the Marcos administration and is supportive of the eight-point socioeconomic agenda of the government as it prioritizes job creation through the promotion of trade and investments and improving infrastructure.

Under the flagship Build Better More program, the government will invest in 197 infrastructure projects worth an aggregate of P8.7 trillion.

About 41 of these flagship projects will be financed through PPPs.