Latest news with #MIF
GMA Network
5 days ago
- Business
- GMA Network
A look back at Maharlika Fund two years later
Once hailed as a key economic priority of President Ferdinand 'Bongbong' Marcos Jr., the Maharlika Investment Fund (MIF) was a key point in his 2023 State of the Nation Address (SONA), only to be noticeably missing in his 2024 speech, raising questions about its progress. The Philippines' first sovereign wealth fund was signed into law in July 2023 through Republic Act No. 11954, establishing the Maharlika Investment Corporation (MIC)—the state-run entity tasked with managing the fund and investing government assets to generate additional public revenue. 'For strategic financing, some of the nation's high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden,' Marcos said in his SONA in 2023. 'In pooling a small fraction of the considerable but underutilized government funds, the Fund shall be used to make high-impact and profitable investments, such as the Build-Better-More program. The gains from the Fund shall be reinvested into the country's economic well-being,' he added. Under the law, the MIC was granted an authorized capital stock of P500 billion, with P375 billion in common shares available for subscription by the national government, its agencies or instrumentalities, government-owned and -controlled corporations (GOCCs), and government financial institutions (GFIs). In November 2023, Rafael Consing — former executive director of the Office of the Presidential Adviser for Investment and Economic Affairs — was appointed as MIC president and chief executive officer. First moves After being skipped in the 2024 SONA, the MIC has made a handful of developments. With just days before the President makes a report to the nation next Monday, July 28, GMA News Online looked at what the MIC has accomplished so far. In January 2025, the MIC made its first investment by acquiring a 20% stake in Synergy Grid and Development Philippines Inc. (SGP), gaining two board seats in the company and another two in the National Grid Corporation of the Philippines (NGCP). A month later the MIC signed a memorandum of understanding (MOU) with Thai conglomerate Charoen Pokphand Group Co. Ltd. (CP Group) that would provide for the establishment of a private equity fund with a capital target of up to $1 billion. 'This partnership will lay the groundwork for a multi-sectoral investment initiative that will drive long-term economic growth while reinforcing the Philippines' position as a premier investment destination,' Consing said in February. Under the agreement, a steering committee would drive project selection, fund structuring, and investor engagement, with the first capital close expected within the next nine to 12 months. Key investment areas include agri-food modernization, digital and e-commerce expansion, and sustainable energy and infrastructure. That same month, the MIC inked another agreement — a $76.4-million bridge loan facility to Makilala Mining Company Inc. (MMCI), the Philippine affiliate of Australia-based Celsius Resources Limited that operates copper and gold projects in the country. 'Our investment decision reflects a shared commitment to the sustainable, inclusive, and regenerative development of the MCB Project,' Consing said. The loan is intended to finance early-stage development works for the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB) in Kalinga. This includes updating MMCI's front-end engineering design (FEED), constructing a main access road in collaboration with the Kalinga Provincial Government, and funding skills-based training for the indigenous community. Under the agreement, the facility will be split into two tranches — the first will be available nine months from signing, and the second subject to the completion of the FEED and an updated feasibility study, up to 24 months from signing. The loan carries a 12.5% fixed interest rate compounded quarterly, and gives MIC a right of first offer on any sale or transfer of MMCI's assets and/or shares. In May, the MIC then said it was in preliminary talks with Dubai Ports World to pursue logistics development projects in the Philippines, with an internal study underway to determine how much investments are needed for local port development. Most recently, this July, the MIC signed an MOU with the Department of Information and Communications Technology (DICT) to invest in 'critical digital infrastructure projects' aimed at delivering long-term returns and supporting inclusive growth across geographically isolated and disadvantaged areas (GIDAs). 'By prioritizing digital infrastructure today, we are not only enabling inclusive growth and innovation but also securing opportunities for future generations of Filipinos. Maharlika is proud to play a key role in shaping a more connected, future-ready Philippines,' Consing said. While these developments mark a starting point for the MIC, the agency has yet to announce additional deals. Investment process According to the MIC, its due diligence process to evaluate and select investments includes economic assessment on the broader economic impact and alignment with strategic goals, along with financial assessment on the viability and potential returns of the investment. It also takes into account operational assessment of the feasibility and management capabilities of the investment, sustainability assessment on the environmental and social impact, and legal assessment on compliance with legal and regulatory requirements. Investment proposals are initially reviewed by the Investment Committee, before being presented to the Board for final approval. At the helm of these decisions is the MIC Board, composed of representatives from both the government and the private sector. It is currently chaired by Finance Secretary Ralph Rector and vice-chaired by MIC president and CEO Consing. It counts as members Land Bank of the Philippines president and CEO Ma. Lynette Ortiz, Development Bank of the Philippines president and CEO Michael de Jesus, and independent directors Stephen Anthony CuUnjieng, German Lichauco II, and Roman Felipe Reyes. Moving forward, investors and stakeholders are awaiting whether it will reclaim a spot in Marcos' SONA on July 28, or continue to operate in the background.—BM/LDF/NB, GMA Integrated News
Zawya
14-05-2025
- Business
- Zawya
South Africa: Wetility and MultiChoice Innovation Fund light the way for solar business growth
In a clear signal that local innovation, when properly supported, can scale rapidly and sustainably, solar fintech company, Wetility, is fast emerging as one of South Africa's most dynamic renewable energy companies. Backed in its early stages by the MultiChoice Innovation Fund (MIF), Wetility has fully repaid its loan well ahead of schedule, a rare milestone in the South African start-up landscape. Wetility founders Ikenna Oguguo and Vincent Maposa This success story underscores MIF's mission to empower black-owned businesses through early-stage, strategic support that enables real economic participation. Wetility stands out as a flagship success story of the MIF. Wetility describes itself as a solar subscription service provider and offers bundled, customisable solar packages and fixed monthly subscriptions that help both residential and commercial customers go partially or fully off-grid. With early-stage venture debt funding from MIF, which is dedicated to unlocking high-potential South African entrepreneurship, Wetility was able to transform its vision of sustainable energy independence for everyone into a viable proof of concept. 'That initial proof of concept laid the foundation for Wetility's R930-million Series A raise in 2023,' says Ikenna Oguguo, co-founder and chief product officer of Wetility. 'We secured funding from a consortium, including Metier Sustainable Capital II, Sanlam, and the Industrial Development Corporation (IDC).' This calibre of backing is a strong signal of investor confidence in both Wetility's business model and the leadership behind it. It is not just a financial milestone – it's a powerful demonstration of how inclusive development finance can activate South Africa's entrepreneurial ecosystem. Wetility, a black-owned tech startup in renewable energy South Africa offers five specialised product suites, each designed for a specific market segment. The Pace suite, Wetility's flagship residential product, launched in 2021. Between 2023 and 2024, the company released Lift for businesses, Rise for multi-unit complexes, and Luxe for informal retail stores like spaza shops. To drive solar adoption and expand energy access, Wetility has reimagined solar financing for greater inclusion. All Wetility systems are offered via flexible monthly subscriptions, covering insurance, maintenance, and 24/7 support. Within informal markets, the Luxe product suite is available through a daily payment model, with credit extended in collaboration with a point-of-sale partner to overcome traditional banking barriers. Earlier this year, Wetility further expanded solar access through Flare, a new financing solution tailored to empower solar installers to deliver larger scale projects of up to 500kW, enough to power sizable business operations or hundreds of homes. In a demonstration of the company's pursuit of innovative climate tech excellence to power AI-powered solar systems, Wetility recently launched AI Mode, a smart technology feature that boosts electricity savings from an average of up to 65% to as much as 90%. AI Mode uses real-time and historical usage as well as weather data to automate battery charging and discharging, drastically improving solar efficiency and backup readiness. Despite the advanced functionality, AI Mode is user-friendly and is accessible with the push of a button via the Wetility App, which allows customers to monitor and manage their solar performance through a single platform. 'We built AI Mode so our customers no longer have to choose between backup power and savings', said Oguguo. 'Operating quietly in the background, it makes real-time energy decisions faster and more accurately than any human could. The result is that families and businesses enjoy reliable power while unlocking greater energy savings–helping close the gap between energy security and economic opportunity.' Since its launch in 2012, the MultiChoice Innovation Fund has supported a diverse portfolio of innovative ventures across sectors including fintech, healthtech, edutech, broadcast technology, and emerging digital media, creating over 1,000 jobs and empowering businesses where 60% are black female owned. 'The success of Wetility is exactly what the MultiChoice Innovation Fund was built for,' said Litlhare Moteetee-Murendo, head of Corporate Affairs at MultiChoice. 'We are proud to have supported them from early-stage ideation to investor-readiness and beyond. As a graduate of the fund, Wetility continues to forge a highly successful business in the energy and technology industries, we will continue to watch and cheer them on as they grow from strength to strength.' The MultiChoice Innovation Fund combines financial backing, business support, supply chain access, and mentorship – a model that has proven effective in moving entrepreneurs from ideation to scale-up. It prioritises black-, women-, and youth-owned enterprises, aiming to drive real transformation in high-growth sectors critical to South Africa's future economy. As Wetility expands its national footprint and increases energy access for thousands of South Africans, it also stands as a proof point for what is possible when innovation meets empowerment.
Yahoo
08-05-2025
- Business
- Yahoo
Bold Ventures to Present at Metals Investor Forum in Vancouver on May 9, 2025
Toronto, Ontario--(Newsfile Corp. - May 8, 2025) - Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce that the Company will be presenting at Metals Investor Forum (MIF) on May 9 at The Rosewood Hotel, 801 W Georgia St, Vancouver, BC. The Company's President and COO, Bruce MacLachlan, and the Company's V.P. Exploration, Coleman Robertson, will be present during the conference. John Kaiser, author of Kaiser Research Online, will be introducing Coleman Robertson at 4:50 p.m. Local Time, who will provide an overview and update on the Company's assets and plans for the upcoming field season. Please see the link to the May 9 Metals Investor Forum web page. The Bold exhibition booth at the Forum will showcase various samples, maps and photographs from the Company's properties. Of particular interest is the recent high-grade gold discovery at the Burchell Project. The 111 Zone discovery yielded impressive gold values ranging from 10 ppb Au up to 68,000 ppb Au (68 g/t Au or 2.2 oz./t Au). See Bold press releases dated December 12, 2024 and January 9, 2025. The technical information in this news release was reviewed and approved by Coleman Robertson, P. Geo., the Company's V.P. Exploration and a qualified person (QP) for the purposes of NI 43-101. Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold Critical and Battery Minerals page. About Bold Ventures Inc. The Company explores for Precious, Battery and Critical Metals in Canada. Bold is exploring properties located in active gold and battery metals camps in the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario. For additional information about Bold Ventures and our projects please visit or contact us at 416-864-1456 or email us at info@ "Bruce A MacLachlan" "David B Graham" Bruce MacLachlan David Graham President and COO CEO Direct line: (705) 266-0847 Email: bruce@ Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements. NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Market Online
05-05-2025
- Business
- The Market Online
Metals Investor Forum 2025: A premier opportunity for serious investors
As the global metals market continues to evolve, the Metals Investor Forum (MIF) returns to Vancouver with a lineup of industry leaders, high-calibre companies, and expert insights. Founded on the principles of selectivity and quality, MIF is not your average investment conference—it's a curated experience designed for serious investors who want more than just surface-level information. What sets MIF apart? There has been some serious due diligence behind every presenting company that was handpicked by one of the forum's panel of newsletter writers. These aren't random exhibitors—they're companies that have passed rigorous scrutiny in terms of management quality, financial health, project potential, and jurisdictional stability. Meet the experts behind the picks This year's keynote speakers include some of the most trusted voices in the mining and metals investment space: Eric Coffin – HRA Advisories – HRA Advisories Jeff Clark – Paydirt Prospector – Paydirt Prospector Robert Sinn – Goldfinger Capital – Goldfinger Capital Brian Leni – Junior Stock Review – Junior Stock Review Don Durret – Gold Stock Data – Gold Stock Data John Kaiser – Kaiser Research Online – Kaiser Research Online Chen Lin – What is Chen Buying? What is Chen Selling? – What is Chen Buying? What is Chen Selling? Peter Krauth – The Silver Stock Investor – The Silver Stock Investor Jordan Roy-Byrne – TheDailyGold Click here for a full list of newsletter writers who will be in attendance. Each expert will deliver a concise, strategy-focused presentation, offering insights into current market conditions and highlighting the companies they believe are poised for success. What to expect on May 9th Company presentations: Each selected company will deliver a 10-minute presentation, offering the latest updates, strategic plans, and reasons why they've earned a spot at MIF. Each selected company will deliver a 10-minute presentation, offering the latest updates, strategic plans, and reasons why they've earned a spot at MIF. Direct management access: Most companies will be represented by their president or CEO , giving attendees the rare chance to ask tough questions and form their own impressions. Most companies will be represented by their , giving attendees the rare chance to ask tough questions and form their own impressions. Networking opportunities: With over two hours of complimentary catered lunch and coffee breaks , attendees can engage in meaningful conversations with company leaders and newsletter writers. With over two hours of , attendees can engage in meaningful conversations with company leaders and newsletter writers. Expert panel Q&A: The day concludes with a panel discussion featuring all keynote speakers, where attendees can ask questions and gain deeper insights from a range of expert perspectives. The day concludes with a panel discussion featuring all keynote speakers, where attendees can ask questions and gain deeper insights from a range of expert perspectives. Click here for the full agenda Why you should attend Whether you're a seasoned investor or just beginning to explore the mining sector, MIF offers a high-value, information-rich environment. It's a rare opportunity to: Discover new investment opportunities before they hit the mainstream before they hit the mainstream Gain firsthand insights from the people managing your potential investments from the people managing your potential investments Learn from top-tier analysts who have built positive reputations Date: Friday, May 9, 2025 Location: Rosewood Hotel Georgia, Vancouver, Canada Time: 8:00 AM – 7:00 PM (also webcast live on YouTube) For full details on the event and how to register, visit If you can't make it to Vancouver, don't worry —the entire event will be webcast live, ensuring that no one misses out on the insights and opportunities. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
CBS News
09-04-2025
- Health
- CBS News
Families in New York's Medical Indemnity Fund desperate for much-needed help to keep program afloat
New York state promised children injured at birth by medical malpractice lifelong health care, but many families tell CBS News New York the very program created to provide that care is failing . Investigator Mahsa Saeidi has investigated issues with the Medical Indemnity Fund, or MIF, for months . The purpose of the fund is to protect hospitals by limiting their liability for medical malpractice expenses, which can be crushing. Last year, Gov. Kathy Hochul acknowledged the importance of the program, but now she's not providing enough funding to keep it afloat. Some families enrolled in the MIF say the fund is increasingly denying claims , and last year, it abruptly shut its doors to new enrollees. The $52 million appropriated by the state wasn't enough. The fund needed $110 million to keep up with rising costs. The governor transferred the money and promised CBS News New York a full review. "This is a very important fund. I agree with the families that we need to continue this," Hochul said in September. "So, all these decisions are made in the context of the budget." But when her budget dropped in January, once again, only $52 million was set aside. At a hearing in February, Health Commissioner James V. McDonald acknowledged the MIF will likely run out of cash. "If there isn't additional investment in this year's budget, then the fund will not be solvent more than likely," he said. State Assemblyman Matt Slater, who represents parts of Westchester, pressed McDonald about the fund. "Why didn't the governor propose additional MIF funding or any substantial reform of the program for the upcoming state fiscal year?" he asked. "I think the optimal approach is to work together and try to collaborate on solutions," McDonald said. "Was there any meaningful reforms proposed in the executive budget dealing with MIF?" Slater asked. "So, one of the things we've learned is that you don't love policy proposals in the budget, my friend," McDonald said. In Albany, Slater told Saeidi, "There's plenty of policy in the budget. It's called Article 7 language, so honestly it's just complete BS." "You're only coming up with half that money ... that's a failure of leadership," Slater added. Right now, there's about 1,000 families in the fund. Others who are structuring their malpractice settlements are also dependent on the fund's continued existence. But will it be there? The health commissioner would not discuss the fund or its future with Saeidi, leaving families desperate for reforms waiting and watching what happens this legislative session. CBS News New York asked the governor's office why she's not fully funding the program. In response, the governor's deputy press secretary said, "Governor Hochul continues to negotiate in good faith with the Senate and Assembly to pass a budget that makes New York safer and more affordable." Unless hospitals start to pay more into this fund, it's possible the government may sunset the program. If it does shut down, new families not in the fund yet would be able to seek full legal recourse against hospitals, according to the governor's budget. Charles Dieteman suffered a neurological injury at birth. "I didn't take a breath or have a heartbeat until 11 minutes old, so it was doctor's error that caused cerebral palsy," he said. His family sued the providers for medical malpractice in court and won, but a unique New York law barred them from collecting full damages from the hospital. Instead, Dieteman got a partial award. Then, the state enrolled him into the MIF. "It's a fund for kids and adults with special needs. We're not getting the proper health care," Dieteman said. Dieteman said he struggled to get help when he got sick last year. "Everyone's like, you need a GI doctor, you gotta see a GI doctor, well," he said. "Them saying, 'Sorry, we can't see you because we don't know what your insurance is.'" Dieteman is supposed to get care through the MIF, but because he was unable to secure a specialist through the fund, he says he repeatedly had to go to the emergency room for treatment. His mom, Tara McLellan, remembers a particularly dark day. "That day, he told me he wished he could die," she said. "I recently just got bills in the mail in my name for, like, $20,000," Dieteman said. "'Pay out of pocket and you'll get reimbursed.' What if I don't have the money to pay out of pocket?" "Before we took action and had a lawsuit and became members, enrollees in this fund, he got medical care. So, to me, very often, this feels like it's a punishment for holding the hospital accountable," McLellan said. Dieteman said he wants to tell the governor the way the MIF is set up is wrong.
