Study Room, Malacañan Palace
January 27, 2025

President Ferdinand R. Marcos Jr. witnessed the signing of the binding term sheet between Synergy Grid and Development Philippines Inc. (SGP) Chairman Henry Sy Jr. and Maharlika Investment Corporation (MIC) President and Chief Executive Officer (CEO) Rafael Consing Jr. at the Study Room in Malacañan Palace.

The event is a realization of SGP’s acceptance of a binding offer from the Administration through the state-run MIC for a 20% stake to secure a foothold in the National Grid Corporation of the Philippines (NGCP).

The MIC is mandated to manage the Philippines’ sovereign wealth fund. It is set to subscribe to preferred shares offered by the SGP. For its part, the SGP holds a 40.2% effective ownership interest in the NGCP. This agreement grants the MIC two (2) board seats each at the SGP and NGCP.

Since January 2009, the NGCP has exercised full authority over the management and operations of the nationwide transmission system, a critical public utility, under a franchise granted by the Philippine Congress.

MIC President and CEO Consing Jr. emphasized that this flagship investment is poised to safeguard the nation’s power supply from external threats and disruptions, further noting the need for the government to have a say in the NGCP’s decisions.

Moreover, this maiden investment represents a vital opportunity for the government to regain greater influence over the nation’s critical power infrastructure to ensure that every Filipino has access to reliable and affordable power.

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