Go: MIC likely partner of Pax Silica investors

MANILA, Philippines — Maharlika Investment Corp. (MIC), the country’s sovereign wealth fund manager, could serve as a potential local joint-venture partner for foreign companies seeking to invest in the US-led Pax Silica hub in New Clark City, Finance Secretary Frederick Go said.

“If Pax Silica happens, I believe that there might be some companies who might want to look for a local joint venture partner and they can partner with the private sector or they can partner with government corporations,” Go, who also serves as MIC chair, said in an interview with Inquirer editors and reporters.

READ: DOE explores power solutions for Pax Silica

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“Maharlika would be, I suppose, a likely potential partner for anyone who might want to seek a local partner,” he added, noting that no specific deal is on the table as of this writing.

Asked for comment, MIC President and CEO Rafael Consing Jr. confirmed that the sovereign wealth fund is open to the idea and has already been exploring potential partnerships.

“MIC confirms that Maharlika can serve as a local joint venture partner for Pax Silica initiatives. We are open to exploring strategic partnerships that align with this focus,” Consing said.

“We have engaged in exploratory discussions with a few companies, but we have yet to finalize a project or partner that aligns with our mandate,” he added.

Power supply

Consing had already told reporters that MIC was interested in opportunities arising from Pax Silica, although the fund would not necessarily need to deploy its own capital into the project.

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“The role of Maharlika can perhaps be a collective vehicle that would aggregate investments, which can be deployed. But does our capital play a role? I don’t think it’s needed,” he said.

Meanwhile, Go also said he would not be surprised if MIC explored opportunities involving power supply for the planned hub, given energy infrastructure is among the sovereign wealth fund manager’s investment priorities.

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“I believe our country needs nuclear power. But again, Pax Silica is at an early stage. That’s the problem. It’s [nuclear power] one of the cheapest sources of power. It’s something that we can scale,” Go said.

The Philippines joined the US-led Pax Silica coalition in April, with the government earmarking a 1,619-hectare site in New Clark City for a high-tech infrastructure and advanced manufacturing hub.

A framework agreement for the project is expected to be sealed by November, with construction potentially starting as early as 2028.

So far, Taiwanese electronics manufacturing giant Foxconn is being eyed as an anchor locator for the planned hub, with the company having sent technical teams to inspect the site in June.

The Bases Conversion and Development Authority (BCDA), which is overseeing the initiative, earlier told the Inquirer that more than 50 companies, including trillion-dollar tech titans, have expressed interest in investing in the hub.

As it is, MIC already has a partnership with BCDA, signed in 2024, to explore investment opportunities in New Clark City and other BCDA-managed properties in Pampanga, Tarlac and La Union.

Looking ahead, around 600 international investors, industry leaders, project developers and government officials are expected to visit Manila in September to explore investment opportunities within the Luzon Economic Corridor, where the planned Pax Silica hub will be located.

Consing is scheduled to speak at the upcoming forum, which will focus on investment opportunities in the corridor. INQ