Tag: Land Bank of the Philippines

Maharlika Investment Corp. (MIC) to make first investment this quarter

Maharlika Investment Corp. (MIC) to make first investment this quarter

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The Maharlika Investment Corp. (MIC) – the entity responsible for making investments on behalf of the Philippines – will be making its first investment within the first quarter of 2025, according to a BusinessWorld news report. Take note that it has been over eighteen months since the Maharlika Investment Fund was formally signed into law. The IRR (implementing rules and regulations) has already been finalized.

To put things in perspective, posted below is an excerpt from the news report of BusinessWorld. Some parts in boldface…

THE MAHARLIKA Investment Corp. (MIC) is expected to make its first investment this quarter, most likely in the energy sector, its top official said.

“Definitely the first quarter. I think we had a year to set up. We had a year to basically put our governance in place. We obtained our formal approval to begin hiring last end of July,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said in an interview with BusinessWorld on Jan. 2.

The MIC has yet to make any investments since President Ferdinand R. Marcos, Jr. signed the law creating the country’s first wealth fund in July 2023. The Maharlika Investment Fund (MIF) had initially committed to make its first investments before the end of 2024.

Mr. Consing said sovereign wealth fund is “ready” and backed with funding and the needed workforce, but will not invest “without the benefit of due diligence.”

MIC earned P2.3 billion in interest income in 2024, Mr. Consing said.

Under the law, the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines were mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIF. The two state lenders have remitted the funds to the Bureau of the Treasury in September 2023.

Mr. Consing said the MIC’s strategic plan will be up for board approval on Jan. 9. This after it made some changes after meeting with the Governance Commission for Government-Owned and -Controlled Corporations (GCG) before the holidays, he added.

The MIC is looking into investing in energy, food security, healthcare, and resource development, particularly mining.

“In the first quarter, that would be the energy sector. Healthcare, if it turns out okay, if our due diligence results turn out okay, first half. I would say early second quarter for the latter two,” Mr. Consing said.

Mr. Consing said he believes that investments in the energy sector, particularly transmission lines, would be “most impactful.”

“That’s why ideally, we’d like to be able to buy into the national grid, if we’re able to. Or number two, we have also separately signed MOUs (memoranda of understanding) with the likes of Mindoro and Palawan, which fall under the SPUGS [small power utilities group] category,” he said.

In 2024, the MIC signed an agreement with Occidental and Oriental Mindoro to support investments in critical energy infrastructure.

“There are about 34 SPUGS in the country. The two biggest are Mindoro and Palawan. And we believe that given the contribution of Palawan when it comes to tourism, and also the population that lives in there, and the potential contribution of Mindoro in respect to the entire electricity sector in the Philippines, we felt that these are two priority areas where we can help, in fact, build transmission lines,” he said.

However, Mr. Consing declined to comment on the MIC’s plan to invest in the National Grid Corp. of the Philippines (NGCP).

He said the National Power Corp. is currently doing an inventory of all its assets in Mindoro and MIC “will have to sit down and determine which part of those assets it would need as part of the expansion of these lines.”

“Where we are now is we’re procuring the services of the technical consultant and the team that will be putting together the whole feasibility study. Because all of these will require regulatory approval by the Energy Regulatory Commission,” he added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that the MIC will be able to make smart decisions with regards to making the investments? Do you think the Maharlika Investment Fund will make positive impact on the market and encourage others to invest?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Muntinlupa Real Property Taxpayers to Receive 10% Discount Upon Timely Payment

Muntinlupa Real Property Taxpayers to Receive 10% Discount Upon Timely Payment

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The City Government of Muntinlupa announced yesterday the schedule of payment of real property tax in their city for 2020 and also launched its incentives program for RPT payers who will pay on or before quarterly deadline.

Muntinlupa City Treasurer’s Office released the deadline of payment of real property tax on the following dates: March 1, 2020 (1st Installment, Q1), June 30, 2020 (2nd Installment, Q2), September 30, 2020 (3rd Installment, Q3), and December 31, 2020 (4th Installment, Q4).

Taxpayers with no delinquency who shall pay their real property taxes on or before deadlines of payment are entitled to a ten percent (10%) discount.

Mayor Jaime Fresnedi lauded this incentive system as it will boost tax revenues for the city to be utilized in various programs and services for the city residents. The mayor said the City Government shifts in being more customer-driven which accelerates public services, bringing ease transactions for the public.

RPT payers in Muntinlupa can also pay their taxes at Muntinlupa Online Real-Property Payment System (MORPS) through the electronic banking system of the Land Bank of the Philippines.

The RPT e-Payment system, first of its kind in Metro Manila, aims to course transaction of its major taxpayers through electronic channels to provide them with efficient and less-time consuming delivery of services.

An interface with MORPS will handle real-time property tax payment and can process transactions in less than 15 minutes. An easy and taxpayer-friendly application for every Muntinlupenos, it targets to speed up the transaction for the convenience of taxpayers and the reduction of red-tape and under-the-table propositions.

Fresnedi encouraged Muntinlupeños to pay their respective bills ahead of time to avoid penalties.

While MCTO introduced the incentive program, it also noted that upon expiration of the periods given, an interest of two percent (2%) per month not exceeding 36 months or 72% shall be imposed upon delinquent properties for failure to pay the basic real property tax or any other tax levied under the Revenue Code.

For more information, RPT payers can log-in to http://www.muntinlupacity.gov.ph/RPT/ or visit the City Treasurer’s Office located at Ground Floor, Main Building, Muntinlupa City Hall with tel nos. 8862-2525 loc. 120 or 8862-1491.