Maharlika Investment Corporation (MIC)

Philippines · Asia · Founded 2023 · Strategic development fund · IFSWF associate member

Focus

MIC: what it invests in

Energy: oil and gasInfrastructure and utilitiesTransport and logisticsAgriculture and food securityMining and metalsTechnology

Strategic state holdingsPrivate equityPrivate creditCash and money markets

Geography Mainly domestic

Scale

MIC: how big it is, and on what basis

PHP 128.23B

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 2.175B. Converted at PHP 58.95 per US dollar on 31 December 2025.

Transparency

MIC: what it publishes

6.5 of 10 Band 4 of 5

Published 4 · Partly 5 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS6 S7: PHP 128.23B (about USD 2.18B, end 2025); As of 2025-12-31
Capital deployedS4: PHP 24.7B (to 30 June 2026); As of 2026-09-04
Net income 2025S6: PHP 2.36B; As of 2025-12-31
CashS4: PHP 53B (30 June 2026); As of 2026-09-04
Initial capitalS4: PHP 125B (PHP 75B received); As of 2026-09-04
ATI stake costS9: PHP 4.79B; As of 2026-03-18

At a glance. MIC manages the Maharlika Investment Fund, the Philippines' first sovereign wealth fund, created by law in 2023. It held PHP 128.23 billion of assets at end 2025, about USD 2.18 billion, and had deployed PHP 24.7 billion by mid-2026. It invests in Philippine energy, ports, logistics, agriculture and mining, aiming for long-term returns that also support national development. S6 S4 S7 S8

Key points

Total assets of PHP 128.23 billion at end 2025 and PHP 129.5 billion at 30 June 2026 (unaudited). S6 S4
Deployed PHP 24.7 billion in total by June 2026, including PHP 18.8 billion in the first half of 2026. S4
Net income of PHP 2.36 billion in 2025; portfolio returns of PHP 2.09 billion in the first half of 2026. S6 S4
Took a board-level stake in port operator Asian Terminals for PHP 4.79 billion in March 2026. S9
Extended a PHP 15 billion working capital facility to Petron in 2026. S5
2026 priority sectors: energy, logistics, agriculture and mining. S8
Held PHP 53 billion of cash at mid-2026, with PHP 50 billion of state capital still to be released. S4

Interesting facts

Its stated vision is to be a world-class sovereign wealth fund by 2028. S2
It signed a plan with Thailand's CP Group for a private equity fund of up to USD 1 billion. S10
MIC is an associate member of IFSWF. S3

Mandate and goals

MIC is the sole vehicle that raises and manages the Maharlika Investment Fund. It seeks strong long-term returns while advancing Philippine economic and social development, with lasting benefit for future generations. S9 S2

Earn optimal long-term returns on the fund. S2
Support national economic and social development. S2
Invest in strategic sectors such as power, logistics, food and mining. S8
Follow the Santiago Principles and the GOCC governance code. S11

How it invests

Industries	Energy: oil and gas, Infrastructure and utilities, Transport and logistics, Agriculture and food security, Mining and metals, Technology S8 S2
Asset classes	Strategic state holdings, Private equity, Private credit, Cash and money markets S4
Stages	Growth, Infrastructure, Credit, Public markets S4 S5
Geography	Mainly domestic. All published deals are in the Philippines S8
Direct / through funds / co-invest	Yes / Yes / Yes S9 S5
Ticket size	No ticket size is published; deals so far range from PHP 4.79 billion to about PHP 19.7 billion. S4
Deal sizes seen	PHP 4.8B to 19.7B
External managers	Plans partner-run funds, such as the CP Group fund S10
Co-investment programme	Planned private equity fund of up to USD 1 billion with CP Group S10

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Asian Terminals, Inc.. Bought 101.2 million shares in a tender offer settled 17 March 2026; held as an associate with a board seat. S9	Direct investment	Transport and logistics	Public markets	PHP 4.79B
2026	Petron Corporation. Short-term working capital facility to fund crude and fuel imports. S5	Direct investment	Energy: oil and gas	Credit	PHP 15B
2025	Synergy Grid and Development Philippines (NGCP). Binding offer for about 20 percent of the grid operator's parent; closing expected in 2026. S12	Direct investment	Infrastructure and utilities	Infrastructure	About PHP 19.7B	20%
2025	Makilala Mining bridge loan. Bridge loan made in 2025 and exited in June 2026. S1	Direct investment	Mining and metals	Credit	Not published
2025	CP Group private equity fund. MOU for a fund focused on agri-food, digital and sustainable energy. S10	Joint venture or partnership	Agriculture and food security	Growth	Up to USD 1B (planned)
2024	Mindoro and Palawan power partnerships. MOUs with electric cooperatives and the National Electrification Administration on rural power. S2	Joint venture or partnership	Infrastructure and utilities	Infrastructure	Not published

Case studies

Taking a strategic stake in a port operator S9 S4

What: MIC bought 101.2 million Asian Terminals shares through a tender offer, gaining board representation.
When: March 2026
Size: PHP 4.79B
Why: Ports are core logistics infrastructure for trade.
Outcome: Accounted for as an associate.

Entering the national power grid S12

What: Binding offer for about 20 percent of SGP, parent of grid operator NGCP.
When: From January 2025
Size: About PHP 19.7B
Why: Energy and grid capacity are national priorities.
Outcome: Closing expected in 2026.

Investment process

A board chaired by the Secretary of Finance oversees MIC, with independent directors and five committees. The Investment Committee approves proposals that management develops from its pipeline. S2

Committee	Role
Investment Committee	Chaired by Stephen Anthony T. CuUnjieng S2
Audit Committee	Chaired by Roman Felipe S. Reyes S2
Risk Management Committee	Chaired by Enrico S. Cruz S2
Governance Committee	Chaired by Frederick D. Go S2

Management builds a pipeline and engages potential partners. S2
Teams evaluate deals in infrastructure, energy, agriculture and digital. S2
The Investment Committee approves proposals. S2
Results are disclosed in quarterly unaudited statements. S11

How to approach: The MIC site lists an investments contact; partners are engaged through its pipeline. S2

Size and returns

Headline size: PHP 128.23B (Total assets (balance sheet), as of 2025-12-31) S6
In US dollars: about USD 2.175B. Converted at PHP 58.95 per US dollar on 31 December 2025.
Total assets, 30 June 2026: PHP 129.5B (Total assets (balance sheet), as of 2026-09-04) S4
Capital deployed to June 2026: PHP 24.7B (Committed or authorised capital, as of 2026-09-04) S4
Staff: Not published S2
Size over time (PHP billion): 2024 127.25, 2025 128.23 S6

Leadership

Name	Title	Since
Rafael D. Consing Jr.	President and CEO; Vice Chairperson S2 S1	2023-11
Frederick D. Go	Chairperson; Secretary of Finance S2	Not published
Ma. Lynette V. Ortiz	Director; President and CEO of Land Bank S2	Not published
Michael O. de Jesus	Director; President and CEO of DBP S2	Not published
Stephen Anthony T. CuUnjieng	Independent Director S2	Not published
Enrico S. Cruz	Independent Director S2	Not published
Roman Felipe S. Reyes	Independent Director S2	Not published

Governance and transparency

Legal basis: Republic Act No. 11954 (2023) and its revised implementing rules S1
Oversight: Governance Commission for GOCCs; Code of Corporate Governance for GOCCs S11
Auditor: FY2025 statements published unaudited S11
IFSWF associate member. S3
Publishes board charters, a governance manual and procurement plans. S11

Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, governance and mandate documents, named leadership, regular reporting schedule. S2 S4 S11
Partly published: annual return, asset allocation, geographic or sector split, holdings or deal list, audited financial statements. S4 S8 S9 S11
Not published: long-term returns. S11

History

Date	Event
2023-07-18	Republic Act No. 11954 signed. S1
2023-11	Rafael Consing sworn in as President and CEO. S1
2024-01	First board meeting. S2
2025-01	Binding offer for about 20 percent of SGP. S12
2025-02-08	CP Group partnership signed. S10
2026-03-17	ATI tender offer settled. S9
2026-06	Makilala loan exited; deployment reaches PHP 24.7B. S1 S4

For family offices

MIC works with large Philippine corporates, state bodies and foreign strategic partners, and has no open call for private co-investors. Families with Philippine infrastructure or agri-food businesses could meet it as a partner or fellow investor in planned partner funds. S9 S10

Joining planned partner funds such as the CP Group vehicle. S10
Co-investing in Philippine power and logistics deals. S8

Reports

Transparency page: annual and quarterly disclosures: https://www.mic.gov.ph/transparency S11

Common questions

How big is Maharlika?

PHP 128.23 billion of assets at end 2025 and PHP 129.5 billion at mid-2026 (unaudited), about USD 2.2 billion. S6 S4 S7

Who funds it?

Land Bank (PHP 50 billion), DBP (PHP 25 billion) and the national government (PHP 50 billion, not yet released). S4

What has it invested in?

Asian Terminals, a Petron working capital facility, a Makilala Mining bridge loan (exited) and a pending stake in SGP. S5 S9

Is it an IFSWF member?

Yes, an associate member. S3

Who leads it?

Rafael D. Consing Jr. is President and CEO. S2

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All sovereign wealth funds in Asia · All strategic development funds · All funds in Philippines

Sources

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