Key Takeaways
- • Maharlika Investment Corp. (MIC), the government's sovereign wealth fund manager, posted ₱2.85 billion in total comprehensive income in the first nine months of 2026, with ₱2.41 billion in revenue and ₱2.18 billion in net income, according to Manila Bulletin.
- • MIC deployed ₱18.77 billion in capital since January, bringing cumulative deployment to ₱24.7 billion as of end-September 2026, short of the ₱35-billion cumulative target.
- • CEO Rafael D. Consing Jr. said MIC likely will not reach the ₱35-billion target by end-2026, after halting its planned investment in Synergy Grid & Development Phils. Inc. (SGP).
- • Active investments contributed ₱756.5 million, nearly a third of revenue, while third-quarter net income rose nearly 50 percent to ₱941 million from ₱629 million a year earlier.
- • MIC expects to deploy roughly ₱2.5 billion to ₱4 billion in utilities and infrastructure, industrials, and agriculture in the remaining months of 2026, and still sees its ₱3.3-billion net income target as achievable.
Summary
Maharlika Investment Corp. (MIC), the government's sovereign wealth fund manager, posted ₱2.85 billion in total comprehensive income in the first nine months of 2026, according to Manila Bulletin. Revenue for the period totaled ₱2.41 billion and net income reached ₱2.18 billion, with ₱669.6 million of the total comprehensive income coming from other comprehensive income. Earnings from active investments accounted for a growing share of revenue, contributing ₱756.5 million, or nearly a third of total revenue as of end-September.
MIC President and CEO Rafael D. Consing Jr. told a press briefing on Nov. 5 that the fund had deployed ₱18.77 billion in capital since January, lifting cumulative deployment to ₱24.7 billion as of end-September. Consing said MIC may not achieve its ₱35-billion cumulative investment target by the end of 2026, largely because the fund decided to put its proposed investment in Synergy Grid & Development Phils. Inc. (SGP) on hold, a decision it has communicated to SGP's stakeholders. He said SGP would have been a very large part of that target. MIC could deploy roughly ₱2.5 billion to ₱4 billion in utilities and infrastructure, industrials, and agriculture over the remaining months, staggering investments rather than committing full amounts at once.
Major investments during the nine-month period included a ₱15-billion working capital loan to Petron Corp. and an additional ₱3.68 billion in cash payments for shares in Asian Terminals Inc. (ATI). MIC generated ₱343.4 million in interest income from the Petron loan and recorded ₱292.7 million as its share of ATI's net income. Funds awaiting deployment remained in cash and short-term placements, mainly with government financial institutions, generating ₱1.65 billion in interest income. Cash and cash equivalents stood at ₱53.67 billion as of Sept. 30. The interim results are unaudited and subject to examination by the Commission on Audit (COA).
In the third quarter alone, revenue reached ₱1.03 billion, up 42 percent from ₱722 million a year earlier, with active investments contributing ₱515.6 million, or half of the quarter's revenue. Drivers were MIC's share in ATI's earnings and interest income from the Petron loan. Third-quarter net income was ₱941 million, nearly 50 percent higher than ₱629 million in the same quarter of 2025.
Looking ahead, MIC believes its ₱3.3-billion net income target remains achievable, citing the ATI stake and stable Petron interest income. Consing also pointed to potential dividends from SGP, which began distributing dividends quarterly last year, saying "there's a possibility that it might go a little bit higher. I think we will outperform."
MIC President and CEO Rafael D. Consing Jr. told a press briefing on Nov. 5 that the fund had deployed ₱18.77 billion in capital since January, lifting cumulative deployment to ₱24.7 billion as of end-September. Consing said MIC may not achieve its ₱35-billion cumulative investment target by the end of 2026, largely because the fund decided to put its proposed investment in Synergy Grid & Development Phils. Inc. (SGP) on hold, a decision it has communicated to SGP's stakeholders. He said SGP would have been a very large part of that target. MIC could deploy roughly ₱2.5 billion to ₱4 billion in utilities and infrastructure, industrials, and agriculture over the remaining months, staggering investments rather than committing full amounts at once.
Major investments during the nine-month period included a ₱15-billion working capital loan to Petron Corp. and an additional ₱3.68 billion in cash payments for shares in Asian Terminals Inc. (ATI). MIC generated ₱343.4 million in interest income from the Petron loan and recorded ₱292.7 million as its share of ATI's net income. Funds awaiting deployment remained in cash and short-term placements, mainly with government financial institutions, generating ₱1.65 billion in interest income. Cash and cash equivalents stood at ₱53.67 billion as of Sept. 30. The interim results are unaudited and subject to examination by the Commission on Audit (COA).
In the third quarter alone, revenue reached ₱1.03 billion, up 42 percent from ₱722 million a year earlier, with active investments contributing ₱515.6 million, or half of the quarter's revenue. Drivers were MIC's share in ATI's earnings and interest income from the Petron loan. Third-quarter net income was ₱941 million, nearly 50 percent higher than ₱629 million in the same quarter of 2025.
Looking ahead, MIC believes its ₱3.3-billion net income target remains achievable, citing the ATI stake and stable Petron interest income. Consing also pointed to potential dividends from SGP, which began distributing dividends quarterly last year, saying "there's a possibility that it might go a little bit higher. I think we will outperform."
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