Maharlika Fund Invests P18.8 Billion in Six Months, Awaiting Full Capitalization

MANILA, Philippines — The Maharlika Investment Corp. (MIC) ramped up its capital deployment in the first half, investing P18.8 billion across key industries, while it awaits the national government’s remaining P50-billion contribution to its mandated initial capitalization. The latest investments brought MIC’s cumulative deployed capital to P24.7 billion as of June 30, according to a statement released yesterday. Major transactions during the first half include MIC extending a P15-billion working capital loan to Petron Corp. to finance crude oil and refined petroleum imports and other operational needs. It also spent P4.79 billion to expand its stake in port operator Asian Terminals Inc. (ATI), giving the fund greater participation in the company’s key financial and operating decisions through increased ownership and board representation. As a result, the investment is accounted for as an associate, allowing MIC to recognize its share of ATI’s earnings. “The P18.8 billion capital deployment represents investments made in the first half of 2026. The total share acquisition of ATI is P4.79 billion. However, a portion of it was already paid/deployed in 2025,” Maharlika said. In addition to capital deployment, MIC completed its maiden asset divestment in June, exiting its bridge-loan investment in Makilala Mining Co. Inc. through the assignment of its lender position. “Our first-half performance demonstrates MIC’s rapid progress from foundation-building to active capital deployment,” MIC president and CEO Rafael Consing Jr. said. MIC said its deployed investments generated P2.09 billion in portfolio returns during the January to June period through dividends, loan interest, realized gains and equity holdings appreciation, including fair value gains from Synergy Grid & Development Phils. Inc. As it accelerated capital deployment, the wealth fund manager booked P2.69 billion in total comprehensive income for the period ending June 30, consisting of P1.24 billion in net income and P1.45 billion in other comprehensive income. “The results reflect expanding income streams from its actively deployed portfolio, combined with steady returns from cash and short-term placements,” it said. Total assets stood at P129.5 billion as of June 30. Despite the faster pace of investment activity, the firm maintained a “strong financial position,” with P53 billion in cash and cash equivalents, preserving the fund’s agility to pursue additional transactions. “By channeling funds into critical infrastructure, energy logistics and strategic commercial ventures, we are delivering sustainable financial returns for the Filipino people while actively supporting economic growth,” Consing said. Meanwhile, the NG had yet to remit its P50-billion contribution to MIC’s P125-billion initial capitalization as of June 30, according to the corporation’s unaudited interim financial information. “The Bureau of the Treasury has likewise confirmed that the Bangko Sentral ng Pilipinas and Philippine Amusement and Gaming Corp. have remitted to the National Treasury the amounts intended for the MIC’s initial capitalization pursuant to Republic Act 11954,” MIC said. Landbank of the Philippines and the Development Bank of the Philippines contributed P50 billion and P25 billion to the MIC, respectively. “MIC continues to coordinate with the Department of Budget and Management regarding the release of the P50 billion capital contribution. The release remains subject to the completion of applicable budgetary, documentary and approval process,” MIC said.