Maharlika posts P2.68 billion profit in 2024

MANILA, Philippines — Maharlika Investment Corp. (MIC), has reported a profitable full year of operation in its first year, booking a net income of P2.68 billion in 2024.

In a statement, the country’s sovereign wealth fund said it generated P2.77 billion in revenues last year, while expenses only reached P93 million.

MIC reported total assets of P127.2 billion against just P668 million in liabilities, giving it a strong equity base of P126.6 billion. The government’s P50-billion capital subscription remains payable, which officials said would further boost the fund’s financial strength once received.

“With strong liquidity and growing retained earnings, the sovereign wealth fund is well-positioned to expand investments that can support economic growth and long-term nation-building,” MIC said.

The fund ended 2024 with P76.8 billion in cash and equivalents, slightly higher than the P75 billion in seed capital provided by Land Bank of the Philippines and Development Bank of the Philippines.

MIC also reported modest investments of P174.6 million in equity instruments, reflecting its early portfolio-building phase. Capital expenditures were limited to P118.6 million, largely for office leases and equipment.

In its maiden year, MIC had only 38 employees and one officer.

MIC president and CEO Rafael Consing Jr. also announced that the wealth fund has entered into a landmark partnership with ACWA Power, a global energy developer partly owned by Saudi Arabia’s wealth fund, to explore renewable energy ventures in the Philippines.

The agreement was formalized through a memorandum of understanding, which seeks to bring sustainable electricity solutions to underserved and off-grid island communities across the country.

“By joining forces with a global leader like ACWA Power, which is 40 percent owned by the public investment fund of Saudi Arabia, we are leveraging world-class expertise and strategic capital to unlock the vast renewable energy potential of our archipelago,” Consing said.

According to Consing, the partnership represents not only an investment in infrastructure but also a commitment to inclusive nation building, noting that the transition to renewable energy will directly uplift communities.

Meanwhile, veteran investment banker and television host Stephen CuUnjieng has been appointed by the MIC as an independent director and chairperson of its investment committee, a key role in shaping strategies for portfolio growth and governance oversight. “With deep experience across capital markets, mergers and acquisitions, private equity, venture capital, real estate, and fintech, he brings a global perspective and strategic insight to help MIC’s mission to responsibly grow and manage the MIF for long-term national benefit,” the wealth fund said.

As the chief for investment, CuUnjieng is tasked with formulating and executing MIC’s investment strategies and policies.

This includes reviewing and approving investment proposals, overseeing portfolio performance and managing risks to ensure returns are optimized within the organization’s defined risk appetite.

CuUnjieng brings to the table over 35 years of experience and leadership spanning across investment banking, private equity and corporate governance. He served senior posts at major financial institutions across Asia, the United States and Europe.