DOE chief hopeful on Maharlika-NGCP deal completion

MANILA, Philippines — The Department of Energy is hoping that the planned P19.7-billion entry of Maharlika Investment Corp. (MIC) in the National Grid Corp. of the Philippines (NGCP) will be completed before the year ends.

Speaking to reporters, Energy Secretary Sharon Garin said there have been “improvements” in the negotiations.

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Without providing specific details, Garin noted that “there have been conversations between the two companies and maybe some modifications.”

“But still, there are a few more months, so it can be done,” Garin said, when asked about the possibility of closing the transaction in 2026.

“We’re really supportive of that. Although it’s not a big percentage, it will still give the government visibility on what’s happening inside the NGCP,” she added.

In January 2025, the Philippine government, through its sovereign wealth fund, moved to acquire a 20-percent stake in Synergy Grid & Development Phils. Inc. (SGP), a Filipino firm that holds 60 percent voting rights in the grid operator.

The State Grid Corp. of China, meanwhile, holds the remaining 40 percent.

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This deal gives MIC two board seats each at SGP and NGCP.

Rafael Consing Jr., chief of MIC, said at the time that injecting investment in the NGCP was not meant to secure control but “rather just to be able to achieve some level of influence through the acquired board seats.”

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READ: Synergy Grid deal gives gov’t power in NGCP management

He also said that MIC would not be involved in the day-to-day operations of the NGCP, the country’s electrical superhighway. But the deal would allow it to access the latter’s financial statements.

The NGCP secured in 2007 a 25-year contract to operate the country’s grid system. It also holds a 50-year franchise to manage and maintain the transmission network and related facilities. INQ