Maharlika, BCDA ink MOU for possible investment opportunities

The Bases Conversion and Development Authority (BCDA) and the Maharlika Investment Corp. (MIC) on Monday inked a memorandum of understanding for the two agencies to explore potential collaboration opportunities.

Under the deal, the BCDA and the MIC would look into sharing knowledge that would lead to the establishment of a feasibility study report which will include potential developments within BCDA properties such as the Clark Freeport Zone and the Clark Civil Aviation Complex.

“We are optimistic that the Maharlika Investment Corp. will see our shovel-ready projects and programs as commercially and financially viable investments that will generate optimal returns for the government and for the Filipino people,” BCDA president and chief executive officer Joshua Bingcang said.

Among the projects set to be looked into as part of the possible investment opportunities between the two agencies is the expansion of the Clark International Airport, which includes the construction of a second runway, taxiways, aprons, and landside access roads and utilities.

It also includes the affordable housing project in New Clark City, the Clark Integrated Public Transport System, the Poro Point Seaport Modernization program, the Clark Central Business District, and the Solid Waste Management and Waste-to-Energy Project in New Clark City.

“(This) is more than just a formality. It’s a declaration of our shared commitment to build a nation where progress is not just measured in pesos and percentages, but in lives transformed,” MIC president and chief executive officer Rafael Consing said.

Consing in February said the MIC is set to make its first investment — likely to be in the renewable energy sector — by the end of 2024.

He was appointed as MIC president and CEO last November, after serving as executive director of the Office of the Presidential Adviser for Investment and Economic Affairs (OPAIEA) earlier in the year.

For the first half of the year, Consing said the MIC will focus on organization, with the budget currently being fine-tuned by the Department of Budget and Management (DBM). It is also coordinating with the Governance Commission for Government-Owned and Controlled Corporations (GOCCs), and the Civil Service Commission (CSC).

“I’m really hoping that in the next month or two we can gain better traction because we’ve already slowly (been) getting these approvals from government agencies,” he said.

The MIC is governed by a nine-member board of directors made up of the Finance secretary as chairperson, the MIC president and CEO, the Land Bank of the Philippines president and chief executive officer, the Development Bank of the Philippines president and CEO, two regular directors, and three independent directors from the private sector.—LDF, GMA Integrated News