MIC Explores Investments in Agro-Industries, Eyes Coconut Oil Mills, Refineries

The Maharlika Investment Corporation (MIC) is currently exploring possible investments in agro-industries sector, particularly coconut oil mills and refineries.  “MIC is interested to invest in agro-industry.  They are considering coco oil mills among others.  But no details as of now.  It is a work in progress,” Department of Finance (DOF) Secretary and MIC chairperson Ralph Recto said in a Viber message on March 17.

The MIC Board had its fifth board meeting on March 14 presided over by Secretary Recto and MIC president and chief executive officer Rafael Consing, Jr.  During said meeting, the MIC Board approved discussions with the DOF-Privatization Management Office to explore investment opportunities in government assets, particularly in coconut oil mills and refineries. 

In a separate text message, Consing said while MIC is “investigating strategic opportunities in the agri sector,” 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 return on investments. It aims to tap state assets for investment ventures to generate more revenues for public funds.