National Development Company

General Manager Anton Mauricio leads NDC. He is the chief executive and primary investment approver, reporting to a Board of Directors appointed by the Philippine President. Mauricio previously held senior positions at the Development Bank of the Philippines and brings development-finance structuring experience to NDC's deal pipeline.

NDC is a government-owned and controlled corporation (GOCC) supervised by the Department of Trade and Industry. It is subject to oversight by the Governance Commission for GOCCs, the central regulatory body that monitors the performance and governance of Philippine state-owned enterprises. Unlike GFIs like LandBank or DBP, NDC does not take deposits and functions primarily as a holding and investment company.

No, NDC does not pool national reserves from commodity exports or fiscal surpluses the way a sovereign wealth fund does. It is a GOCC that holds its own balance sheet of land, industrial estates, commercial buildings, and investment commitments. Its capital comes from retained corporate earnings, asset monetization, and government equity infusions — a different origin than the sovereign fund model.

The Startup Venture Fund is a PHP 600 million co-investment facility NDC launched to back early-stage Philippine technology companies. NDC acts as a seed LP and co-investor alongside external fund managers. Its first nominated partners were the Gobi-Core Philippine Fund, a joint venture between Hong Kong's Gobi Partners and Philippine conglomerate Core Capital, and Japanese deep-tech investor Real Tech Holdings.

NDC holds some of the most strategic industrial land parcels in the Philippines. Its portfolio includes the Leyte Industrial Development Estate in Eastern Visayas, the NDC Industrial Estate in Dasmariñas, Cavite, the Pandacan property in Manila, and the World Trade Center Metro Manila in Pasay City. In infrastructure, NDC provided land critical to the Skyway Stage 3 project through the Toll Regulatory Board.

NDC's statutory mandate focuses on domestic industrial and infrastructure development. While its co-investment partners — Real Tech Holdings, Gobi Partners, and Investible — operate multi-jurisdiction platforms, NDC's capital commitment through the Startup Venture Fund targets Philippine-domiciled startups and funds. There is no public evidence of direct offshore portfolio allocations.

NDC structures its venture exposure through bilateral co-investment agreements rather than as a traditional LP in blind-pool funds. Under the Startup Venture Fund framework, NDC and a partner firm jointly evaluate and commit to Philippine technology deals. The model gives NDC deal-by-deal discretion and direct co-investment rights — a posture closer to an institutional co-investor than a passive fund-of-funds allocator.