Metro Manila (CNN Philippines, February 27) – The National Development Company (NDC), the Philippine government’s investment arm, said Monday it could focus on investment gaps to “complement” the proposed Maharlika Investment Fund (MIF).
During a Senate hearing on Monday, NDC General Manager Antonilo Mauricio backed the proposal to establish a sovereign wealth fund, saying the government is on the right track to pursue the investment vehicle.
Mauricio also said the NDC is not threatened by its looming implementation since the group is “already here and we take smaller deals.”
“NDC may focus on investment gaps, including support for MSMEs (micro-, small-, and medium-sized enterprises), complementary to the Maharlika fund if it does push through,” he said.
The NDC official also said it could serve as the primary vehicle for equity financing for small projects of the government, as the Maharlika fund is being eyed to finance big-ticket projects.
He also said NDC’s Startup Venture Fund, together with the Department of Trade and Industry, can continue supporting the innovation and startup development ecosystem.
Sen. Nancy Binay, however, questioned the need to put up the MIF when the NDC already exists, adding that the sovereign wealth fund could still face “birth pains.”
“We wholeheartedly agree that we need it… We can help set it up so it can hit the ground running,” Mauricio said.
