Key Takeaways
- • MIC President and CEO Rafael Consing Jr. said he is confident the Maharlika Investment Corp. will surpass its full-year comprehensive income target of P3.3 billion, with a possibility of exceeding it, according to a media briefing reported by The Manila Times.
- • MIC reported P2.85 billion in total comprehensive income for the first nine months of 2026, up 32 percent from P2.15 billion in the same period of 2025.
- • MIC is unlikely to reach its P35 billion capital deployment target after halting, for now, its proposed investment in Synergy Grid and Development Philippines Inc. (SGP), though it retains its 1.93 percent stake.
- • MIC deployed P18.77 billion in capital in the first nine months, bringing cumulative deployment to P24.70 billion, led by a P15 billion working capital loan to Petron Corp. and P3.68 billion for Asian Terminals Inc. shares.
- • Cash and cash equivalents totaled P53.67 billion as of Sept. 30, and Consing expects two or three more transactions in utilities and infrastructure, industrials and agriculture before year-end.
Summary
Maharlika Investment Corp. (MIC) President and CEO Rafael Consing Jr. said he is confident the sovereign wealth fund will finish the year above its P3.3 billion full-year income target, despite falling short of its capital deployment goal. Speaking to reporters at a media briefing on Thursday, Consing said, "We're quite confident that we can get to the 3.3 [billion goal]. I think, in fact, there's a possibility that it might go a little bit higher." He added, "I think we will outperform." Consing, who is preparing to end his tenure at the end of the month, said the institution is "very ready" for a transition, citing its team, board, policies and portfolio processes.
MIC reported P2.85 billion in total comprehensive income for the first nine months of 2026, up 32 percent from P2.15 billion in the same period of 2025. Net income reached P2.18 billion, 24 percent higher than P1.76 billion a year earlier, while revenue rose 17 percent to P2.41 billion from P2.07 billion. Active investments contributed P756.5 million, or 31 percent of nine-month revenue, and P515.6 million, or 50 percent, of third-quarter revenue. MIC attributed the third-quarter increase to its share in the earnings of Asian Terminals Inc. (ATI) and interest income from its loan to Petron Corp. MIC recognized P292.7 million from its share of ATI's net income, while the Petron loan generated P343.4 million in interest income. Funds awaiting deployment generated P1.65 billion in interest income from cash and short-term placements, mainly with government financial institutions.
On capital deployment, Consing said the P35 billion target is now unlikely to be met. MIC deployed P18.77 billion in the first nine months, bringing cumulative deployment to P24.70 billion, with major outlays including a P15 billion working capital loan to Petron Corp. and P3.68 billion in cash payments for ATI shares. Consing said the company would not proceed, for now, with its proposed investment in Synergy Grid and Development Philippines Inc. (SGP), citing reassessment of deal terms, changing geopolitical conditions, its current investment priorities and its responsibility to safeguard public funds. MIC will retain its existing 1.93 percent SGP stake, held in common shares, which continues to generate significant dividend income. As of Sept. 30, cash and cash equivalents totaled P53.67 billion. Consing said two or three more transactions are expected before year-end, in utilities and infrastructure, industrials and agriculture.
MIC reported P2.85 billion in total comprehensive income for the first nine months of 2026, up 32 percent from P2.15 billion in the same period of 2025. Net income reached P2.18 billion, 24 percent higher than P1.76 billion a year earlier, while revenue rose 17 percent to P2.41 billion from P2.07 billion. Active investments contributed P756.5 million, or 31 percent of nine-month revenue, and P515.6 million, or 50 percent, of third-quarter revenue. MIC attributed the third-quarter increase to its share in the earnings of Asian Terminals Inc. (ATI) and interest income from its loan to Petron Corp. MIC recognized P292.7 million from its share of ATI's net income, while the Petron loan generated P343.4 million in interest income. Funds awaiting deployment generated P1.65 billion in interest income from cash and short-term placements, mainly with government financial institutions.
On capital deployment, Consing said the P35 billion target is now unlikely to be met. MIC deployed P18.77 billion in the first nine months, bringing cumulative deployment to P24.70 billion, with major outlays including a P15 billion working capital loan to Petron Corp. and P3.68 billion in cash payments for ATI shares. Consing said the company would not proceed, for now, with its proposed investment in Synergy Grid and Development Philippines Inc. (SGP), citing reassessment of deal terms, changing geopolitical conditions, its current investment priorities and its responsibility to safeguard public funds. MIC will retain its existing 1.93 percent SGP stake, held in common shares, which continues to generate significant dividend income. As of Sept. 30, cash and cash equivalents totaled P53.67 billion. Consing said two or three more transactions are expected before year-end, in utilities and infrastructure, industrials and agriculture.
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