‘All press release’: No concrete plans yet for Maharlika energy investments —senators

The Maharlika Investment Corporation (MIC) has yet to provide concrete plans for its supposed investments in the country's energy sector.

This was disclosed by Senator Sherwin Gatchalian during the Senate plenary deliberations on the Department of Energy's (DOE) proposed budget for 2025 after Senator Imee Marcos raised the need for government intervention to address the delays in the completion of interconnectivity projects in the electric grid under the National Grid Corporation.

"Is there any possibility for a more creative, out-of-the-box solution such as building the interconnection project ourselves in government though a government consortium led by the Maharlika Investment [Corporation] as they've announced time and again in the media together with TransCo [National Transmission Corporation], and once and for all finish this like other responsible government where critical infrastructures such as this are built and owned and operated by the government because they are so strategic and critical?" Marcos said.

Gatchalian agreed, saying that the government "should take charge" of the interconnectivity projects if the private entity cannot build them due to lack of capital, because they are of national and public interest.

"That is precisely also one of the reasons why Maharlika Investment Fund (MIF) was also created, to go into critical infrastructure and to use public funds to build those infrastructures," Gatchalian said.

However, Marcos said that there were no concrete plans for this despite earlier announcements about MIC's investment in the energy sector.

"There [was] a plethora of media releases and we are very heartened that Maharlika Investment Corporation would in fact invest in power but it appears there is no concrete plan as yet," Marcos quipped.

Gatchalian replied, "No concrete plans yet. A lot of it are press releases and just talk, and negotiations."

Marcos cut him short and asked, "So we’ll have to say it's wishful thinking for now?"

"You’re correct, it’s still very in its initial stage," Gatchalian responded.

Prior to the discussion on the MIC's promised investment in the country's grid development, Gatchalian said that the NGCP has already been asked by the Energy Regulatory Commission (ERC) to explain the delays in the implementation of grid projects.

“A lot of the projects are delayed and this is where ERC came in and in fact, ERC issued several show cause orders to NGCP to justify why these projects are delayed,” Gatchalian said.

“ERC also issued several action points against NGCP because of the delays,” he added.

Gatchalian further disclosed that the NGCP "is resisting for [the] government to build the expansion" of the grids, which Marcos hit.

“They have no right to do that. We know that’s absolutely without basis,” Marcos said.

Marcos' position was backed by Gatchalian, who said, "They have no right and in my opinion if they cannot build it, then government should build it because that is of public importance."

"I believe that the department is looking at this very seriously because a delay in transmission lines creates a lot of uncertainty and insecurity in terms of grid stability…The government is looking at tapping Maharlika or other means to build those transmission lines," he added.

In May, MIC president and chief executive officer Rafael Consing Jr. said the wealth fund manager is concentrating its planned energy sector investments on developing the transmission and distribution infrastructure of the country's off-grid islands.

The MIC chief said the island grid development forms part of its proposed P35-billion investment activities for this year.

In February, Consing said the MIC is set to make its first investment by the end of the year, likely in the renewable energy sector. — BM, GMA Integrated News