Metro Manila (CNN Philippines, December 7) — One of the major investment pillars of the sovereign wealth fund that Maharlika Investment Corporation (MIC) president and CEO Rafael Consing is looking at is “agroforestry industrial urbanism,” which seeks to maximize government-owned idle lands.
On CNN Philippines’ Politics As Usual on Wednesday, Consing defined agroforestry industrial urbanism (AIU) as utilizing specific areas of around two million hectares of the government’s idle lands to assist farmers and other agriculture workers.
\”What I would propose is for us to look at idle lands owned by government and agencies. Redevelop them and create mega ecozones, around which we’ll be building farming, agriculture, and basically putting farmers, processes, and processors together to make it more efficient, reduce the cost of logistics,\” the first-ever MIC chief said.
Aside from farming, Consing explained that the AIU is seen to contribute to restorative forestry in urban areas, which will help mitigate climate change.
\”You can also eventually generate carbon credits which you can then sell and create more capital that you can develop,\” the corporate finance expert said.
Another element of the AIU, according to Consing, would be creating townships, which would allow people to live near where they work and in turn, improve their quality of life.
Additionally, the AIU is seen to decongest urban centers by allowing Filipinos to lease government-owned areas for an extended period of time.
\”Many of our countrymen are unable to buy land or homes. When they do, it’s quite small,\” Consing said.
\”Here, because it’s government-owned, we can enter into long-term leases with them, instead of actually selling them the land. So whatever cash they have or they can borrow, they can use to build their homes and live in dignity,\” he added.
Aside from AIU, the three other core investment pillars that Consing proposes are tourism infrastructure, energy security, and digital security. He would also focus on public health, education, logistics, the aviation industry, and manufacturing.
\”The combination of these would really help Filipinos, countrymen, particularly those in poverty, and lift them out of poverty, particularly the farmers and strengthen the middle class,\” he said.
Consing emphasized that the MIC board, which has not yet been constituted, still has approve these investment cornerstones. He stressed that he had no idea about who could compose the members.
The MIC will be composed of nine members: the Secretary of Finance sitting as the Chairperson in an ex-officio capacity, the president and the Chief Executive Officer as the MIC Vice Chairperson, the president and CEO of the Land Bank of the Philippines, the president and CEO of the Development Bank of the Philippines, and three Independent Directors from the private sector.
READ: Revised Maharlika IRR expands powers of board, President and lowers qualifications for top officers
The MIC chief further appealed to the public to \”give [MIF] a chance.\”
