The Philippines’ sovereign wealth fund is moving closer to a deal to acquire and upgrade vital power transmission assets on Mindoro island, in an effort to improve energy stability and reduce chronic outages, reports said.

Oriental Mindoro Governor Humerlito Dolor, in a Facebook post, said the Maharlika Investment Corporation (MIC) is finalizing a technical study for the rehabilitation of the island’s decades-old 69-kilovolt transmission lines.

The assets, currently operated by the National Power Corporation (Napocor), are not owned by electric cooperatives (ORMECO and OMECO) and are widely seen as a major bottleneck in Mindoro’s energy system.

Dolor said the project is expected to proceed once legal and technical requirements are completed, with a formal agreement between MIC and the Napocor targeted before the end of 2025.

The planned upgrade has been included in the One Mindoro Power Development project, launched in 2024.

The program brings together the provincial governments of Oriental and Occidental Mindoro, the National Electrification Administration, MIC, and the island’s two electric cooperatives.

Mindoro has long faced frequent power outages and voltage fluctuations due to limited grid capacity and aging infrastructure.

The planned upgrade is expected to modernize transmission lines, reduce technical losses, and support the province’s economic growth, while an upcoming submarine cable connection project linking power from Batangas to Mindoro is currently in the works.

Established in 2023, Maharlika Investment Corporation is the manager of the Philippines’ sovereign wealth fund and is tasked with supporting strategic and high-impact projects across the country.

The Mindoro transmission upgrade would be among MIC’s earliest infrastructure ventures outside of the financial sector.

Dolor expressed optimism that the project will be delivered on schedule, thanking national agencies and private sector partners for their cooperation.

File photo: courtesy of PIO Oriental Mindoro (used for illustration purposes only)