Key Takeaways
- • Maharlika Investment Corp. (MIC), manager of the Philippines' sovereign wealth fund, is eyeing up to three more investments before year-end 2026, which could add P2.5 billion to P4 billion to its 2026 capital deployment, according to CEO Rafael Consing Jr.
- • MIC has deployed P18.77 billion in capital in the first nine months of 2026, including a P15-billion working capital loan to Petron Corp. and P3.68 billion in cash payments for shares in Asian Terminals Inc. (ATI).
- • Consing acknowledged MIC will likely fall short of its P35 billion full-year deployment target, and urged observers to judge the fund on investment quality and returns rather than deployment speed.
- • MIC's third-quarter net income rose 49% to P941 million, and nine-month net income climbed 24% to P2.18 billion, driven by its ATI equity share and Petron loan interest.
- • Prospective deals are under consideration in utilities and infrastructure, industrials, and agriculture, subject to MIC Board approval.
Summary
The Maharlika Investment Corp. (MIC), which manages the Philippines' sovereign wealth fund, is considering up to three additional investments before the end of 2026, according to President and CEO Rafael Consing Jr. Speaking at a briefing in Taguig City on Thursday, Consing said the transactions could add roughly P2.5 billion to P4 billion to the agency's capital deployment for the year. The prospective investments span utilities and infrastructure, industrials, and agriculture, and remain subject to approval by MIC's Board of Directors. Consing declined to name the targets, saying they would be disclosed once signed.
MIC has deployed P18.77 billion in capital over the first nine months of the year. That total includes a P15-billion working capital loan to Petron Corp. and P3.68 billion in cash payments for shares in Asian Terminals Inc. (ATI). Earlier, MIC had set a P35 billion capital deployment target for 2026, but Consing acknowledged the agency would likely miss it, calling the target "a good target to me" but one he does not expect to reach. He urged observers to assess the fund on the quality of its investments and returns rather than the pace of deployment.
Financially, MIC reported a 49% increase in third-quarter net income to P941 million, up from P629 million a year earlier, according to a company statement released Thursday. Total comprehensive income was P157.9 million, and revenues rose 42% to P1.026 billion from P722 million. MIC attributed the quarter's gains to its share in ATI's earnings and interest income from the Petron loan. Active investments accounted for P515.6 million, or half of quarterly revenue, with treasury income making up the remainder. An additional P1.65 billion in interest income was generated from funds held with LandBank and DBP pending deployment. For the nine months, net income rose 24% to P2.18 billion, comprehensive income increased 32% to P2.85 billion, and revenues grew 17% to P2.41 billion.
Consing also addressed the fund's origins. In 2023, LandBank and DBP remitted P50 billion and P25 billion, respectively, to the Bureau of the Treasury as initial capital for the Maharlika Investment Fund. Consing said the capital came from state-owned lenders that sought capital relief from the Bangko Sentral ng Pilipinas, and that MIC has chosen to invest all capital onshore as a national development fund.
MIC has deployed P18.77 billion in capital over the first nine months of the year. That total includes a P15-billion working capital loan to Petron Corp. and P3.68 billion in cash payments for shares in Asian Terminals Inc. (ATI). Earlier, MIC had set a P35 billion capital deployment target for 2026, but Consing acknowledged the agency would likely miss it, calling the target "a good target to me" but one he does not expect to reach. He urged observers to assess the fund on the quality of its investments and returns rather than the pace of deployment.
Financially, MIC reported a 49% increase in third-quarter net income to P941 million, up from P629 million a year earlier, according to a company statement released Thursday. Total comprehensive income was P157.9 million, and revenues rose 42% to P1.026 billion from P722 million. MIC attributed the quarter's gains to its share in ATI's earnings and interest income from the Petron loan. Active investments accounted for P515.6 million, or half of quarterly revenue, with treasury income making up the remainder. An additional P1.65 billion in interest income was generated from funds held with LandBank and DBP pending deployment. For the nine months, net income rose 24% to P2.18 billion, comprehensive income increased 32% to P2.85 billion, and revenues grew 17% to P2.41 billion.
Consing also addressed the fund's origins. In 2023, LandBank and DBP remitted P50 billion and P25 billion, respectively, to the Bureau of the Treasury as initial capital for the Maharlika Investment Fund. Consing said the capital came from state-owned lenders that sought capital relief from the Bangko Sentral ng Pilipinas, and that MIC has chosen to invest all capital onshore as a national development fund.
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