Garin hopeful on MIC-NGCP deal closing

MANILA, Philippines — Energy Secretary Sharon Garin remains optimistic that Maharlika Investment Corp.’s (MIC) P19.7-billion entry into the country’s grid operator could be completed before the year ends.

“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 (National Grid Corp. of the Philippines),” Garin said.

The multibillion-peso deal, which has been in the works for more than a year and a half, will grant MIC four board seats — two each at Synergy Grid and Development Philippines Inc. (SGP) and NGCP — once completed.

MIC and SGP, the listed company behind NGCP, signed a binding offer in January 2025 and initially expected the transaction to close within 180 days.

The timeline has since been pushed back as negotiations between the parties continued to delay the transaction.

Garin said she has yet to check with MIC on the latest progress of the transaction but noted that there have been “modifications” to the deal.

“I think there has been contact or even whatever documentation has been acquired between the two. The thing is, to finish that, there has to be some form of document that they signed as an agreement. And that’s what I’m not updated on yet,” she said.

MIC president and CEO Rafael Consing earlier told The STAR that the sovereign wealth fund was targeting completion of the NGCP deal in the first half.

NGCP officials, meanwhile, have remained tight-lipped on the deal’s status.

The Marcos administration is seeking entry into SGP to give the government a greater voice in decision-making at the country’s power transmission operator.

SGP controls 60 percent voting rights in NGCP, while the State Grid Corp. of China holds the remaining 40 percent as its technical partner.

The NGCP consortium, which holds the 25-year concession contract and the 50-year franchise to operate the state-owned power grid, has invested over P438 billion to improve transmission services, according to the latest company data.