Maharlika eyes P3.3B 2026 earnings on higher deployment

MANILA, Philippine — State-run Maharlika Investment Corp. booked P1.24 billion in first-half core income and targets to earn P3.3 billion in 2026 from new investments and wider deployment.

MIC Vice President for Finance Marvin Martija told reporters first-half earnings drew support from new income, including interest on a P15-billion loan to Petron Corp. and returns from assigning its Makilala Mining Co. Inc. loan to an Indian firm, generating about a 25 percent annualized peso return.

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Comprehensive income reached P2.7B by end-June, driven by fair value gains from Synergy Grid & Development Phils. Inc. shares bought at P11.46 and closing at P28.50. Martija said MIC acquired the shares at P11.46 apiece, which closed at P28.50 at the end of June.

Total assets could reach P129 billion should the national government remit the remaining P50 billion of its committed capitalization, nearly unchanged from the 2025 assets of P128 billion.

Asked whether MIC remained confident of meeting its full-year earnings target, MIC President and CEO Rafael Consing Jr. cited rising dividends and steady returns from fixed-income investments.

“We’ve been receiving our dividends already. Our projected dividends coming from our investees have come to fruition. Also, the interest income that we’re generating from our investments. Because they’re fixed income, it can be easily calculated,” Consing said.

He added that MIC would also begin recognizing equity earnings from its P8-billion investment in Asian Terminals Inc. (ATI) after acquiring an 11.9-percent stake and a board seat, allowing the sovereign wealth fund to account for its share of the port operator’s earnings under international accounting standards.

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P35B capital deployment target

Separately, Consing said MIC is targeting at least P35 billion in capital deployment this year. As of end-June, the fund had already deployed about P24.7 billion across investments in Petron, ATI and Makilala Mining.

“There’s another P10 billion, minimum. We’re doing due diligence at the moment,” Consing said, adding that MIC is evaluating investments in the agriculture sector and the modernization of the Mindoro power grid, where capital deployment is expected to be less than P5 billion.

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“If both are deployed, if our negotiations are successful, we would go beyond P35 billion. That’s possible,” he said.

According to Consing, MIC currently has around P53 billion available for capital deployment. /pai INQ