NGCP missed out on Maharlika deal

The collapse of what was billed as the sovereign wealth fund’s maiden investment leaves the National Grid Corp. of the Philippines (NGCP) missing out on strategic opportunities the deal could have unlocked, according to experts.

Synergy Grid and Development Philippines Inc. (SGP), the listed company behind NGCP, has confirmed that Maharlika Investment Corp. (MIC) is no longer pursuing its planned P19.7-billion entry into the country’s grid operator.

The decision ends a transaction that had been in the works for nearly two years, dating back to January 2025, when tycoons Henry Sy Jr. and Robert Coyiuto Jr. agreed to sell a 20-percent stake in SGP to MIC.

Had it pushed through, the multibillion-peso deal would have given MIC two board seats each in SGP and NGCP, giving the government access to the country’s power transmission network.

The scrapped deal represented a missed opportunity for a strategic partnership, particularly for the NGCP.

Financial expert Astro del Castillo said MIC’s investment offered more than just additional funding or government access to the power grid.

“The NGCP would have benefited more from a smoother bureaucracy such as policy coordination and action from a government presence rather than monetary gains,” Del Castillo said.

Such coordination could have been particularly valuable as the NGCP continues to face regulatory delays that have held back critical transmission investments.