Maharlika delays P4 billion investment rollout

MANILA, Philippines — State-run Maharlika Investment Corp. (MIC) may not deploy up to P4 billion in prospective investments until 2027, even as it expects to announce two or three new transactions before the end of this year.

MIC president and CEO Rafael Consing Jr. clarified that the planned transactions could be announced by December, but the actual release of funds into investments would likely follow next year.

“Let’s differentiate between announcing a deal and deploying the funds. If (the MIC) is able to announce (deals) by the end of the year, the deployment will naturally follow in 2027,” Consing told reporters yesterday.

“When I talked about the potential P2 billion to P4 billion, I was referring to an announcement of deals rather than deployment,” he added.

The clarification follows Consing’s remarks last week that MIC could add another P2.5 billion to P4 billion in investments if three prospective transactions materialize.

MIC had deployed P24.7 billion in cumulative capital as of end-September, unchanged from June after recording no new investments in the third quarter.

Consing earlier acknowledged that the sovereign wealth fund would miss its P35-billion investment target for 2026 following its decision to defer a proposed additional investment in Synergy Grid & Development Philippines Inc.

The prospective transactions involve utilities and infrastructure, industrials and possibly agriculture, subject to board approval and due diligence.

Consing said MIC remains selective in pursuing investments, emphasizing that projects must generate financial returns while delivering broader economic benefits.

The fund evaluates investments based on financial returns and their economic internal rate of return, which measures the wider benefits and costs of a project to the economy.

Separately, Consing said MIC submitted its application for full membership in the International Forum of Sovereign Wealth Funds last week, with a possible decision following the group’s meeting in Greece.

MIC is currently an associate member of the organization, which promotes governance and transparency standards among sovereign wealth funds.

Consing, whose term ends Nov. 23, said the board could announce the new transactions after his departure, while preparations for the leadership transition continue.