THE Maharlika Investment Corp. (MIC) said it remitted a dividend of P1.447 billion to the Treasury, representing 75% of its earnings.
“About P1.447 billion was the dividend we paid to the National Government, and it represented 75% of our distributable earnings. We could have paid more but we paid taxes,” MIC President and Chief Executive Officer (CEO) Rafael D. Consing, Jr. told BusinessWorld by phone.
The issuance of shares to the Land Bank of the Philippines and the Development Bank of the Philippines resulted in a documentary stamp tax of P750 million. It also paid withholding tax on its fixed-income investments.
The two state-run banks invested a combined P75 billion in capital in Maharlika last year.
The sovereign wealth fund earned P2.3 billion in interest income in 2024.
“2025 was when we really started making our investments. So based on the P75 billion capitalization that we have and then if you remove the commitments that we made we would probably have about between P30 billion to P33 billion less,” he said.
The government committed to invest a further P50 billion to be raised from the Bangko Sentral ng Pilipinas and the Philippine Amusement and Gaming Corp.
“But I’m also conscious of the needs of the country and the DoF. So therefore, if we have need for additional funding we will most likely manage our capital structure and raise our own funds,” he said.
In April, the MIC submitted its 2026 budget, which accounted for the estimated P35 billion to P37 billion targeted capital investments.
The budget outlined items like current projects and three more investments to be announced by the end of the year involving the transport and logistics industries.
In January, Maharlika signed a deal to acquire a 20% stake in Synergy Grid & Development Phils., Inc. for P19.7 billion, giving it a “foothold” in National Grid Corp. of the Philippines, the country’s sole grid operator.
It also agreed to a binding term sheet to provide a $76.4-million bridge loan to Makilala Mining Co., Inc.
This was followed by an agreement with Thailand’s Charoen Pokphand Group Co., Ltd. to set up a private equity fund to raise up to $1 billion.
Among the upcoming investments is a collaboration with the Bases Conversion and Development Authority (BCDA) on key projects in Clark.
“We are speaking with Clark SEAC (Special Economic Area of Clark), and we are looking for opportunities to invest in them,” Mr. Consing said.
“Very preliminary conversations. What we signed with them was a memorandum of understanding. But unfortunately, the CEO who signed with us has already moved on. We’re now therefore starting a discussion soon,” he added.
The fund had been considering investing in five BCDA projects including the Clark International Airport expansion; a New Clark City affordable housing project; the Clark Integrated Public Transport System; the Poro Point Seaport Modernization Program; and the Clark Central Business District.
In April, BCDA President and CEO Joshua M. Bingcang said the five projects will require a total investment of about $4 billion. — Aubrey Rose A. Inosante