Maharlika, DP World exploring logistics tieups

THE Maharlika Investment Corp. (MIC) said it is in preliminary talks to pursue logistics development projects in the Philippines with Dubai Ports World (DP World).

“Basically, we’re just exploring opportunities to develop logistics across the country. The talks are very preliminary, and (will be) logistics-focused,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. told reporters on Tuesday.

Maharlika and DP World signed a memorandum of understanding earlier this month, according to Mr. Consing.

“It is an opportunity for us to study opportunities and see how we can make the movement of goods and people across the nation more efficient,” he said.

He added that the MIC is conducting an internal study to assess how much investment the Philippines needs for port development.

“It might take a bit of time; we literally just started. We can make the recommendations by the end of the year, I think,” he said.

He said that MIC’s collaboration with DP World was pursued with an eye towards reducing logistics costs.

“We are an archipelago, and we think that one way by which we can, in fact, reduce the cost of goods is by investing in logistics platforms,” he added.

Separately, he said the MIC is also looking at healthcare and energy transmission projects.

Asked about the financial closing of the MIC deal to buy 20% of the National Grid Corp. of the Philippines deal, he said the deal will close in mid-June.

“We are aiming for that … (We are still waiting) on the signing of the documentation; it takes a bit of time,” he said. — Justine Irish D. Tabile