In a significant move to enhance government control over the nation’s energy infrastructure, the Maharlika Investment Corporation (MIC) and Synergy Grid and Development Philippines Inc. (SGP) have inked a deal to acquire a 20% stake in the National Grid Corporation of the Philippines (NGCP). The agreement, signed in the presence of President Ferdinand R. Marcos Jr. at Malacañang on January 27, 2025, marks MIC’s first investment since its establishment in July 2023.
Senators have hailed the partnership as a pivotal step towards bolstering government involvement in critical infrastructure. Senator Sherwin Gatchalian highlighted the deal as a demonstration of effective public-private collaboration, which he believes will enhance transparency, oversight, and the nation’s energy security. He stressed the importance of this development in ensuring that the country’s energy infrastructure remains both resilient and accountable.
Gatchalian also pointed out that such partnerships could lead to improved operational efficiency and expedite the implementation of transmission projects, crucial for meeting the country’s energy demands. He urged for a continued focus on providing an affordable and reliable power supply to Filipinos as the partnership evolves.
Senator Joel Villanueva echoed these sentiments, emphasizing the potential for increased government oversight and efficiency in NGCP’s operations through the acquisition. He noted that MIC’s investment would secure two board seats for the government in NGCP, potentially leading to greater influence and participation, which could drive NGCP to operate more efficiently and comply with government regulations, ultimately benefiting consumers through lower transmission rates.
Senator JV Ejercito praised the investment as a sound decision for the Maharlika Funds but expressed a desire for the government to also target the 40% stake in NGCP held by the State Grid Corporation of China. He argued that reacquiring this stake would be crucial for national security, especially given the ongoing tensions with China in the West Philippine Sea.