Maharlika to miss P35-billion investment target for 2026

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November 6, 2026 | 12:00am

MANILA, Philippines — State-run Maharlika Investment Corp. (MIC) expects to miss its P35-billion investment target for 2026 after putting a proposed power transmission deal on hold and deploying no fresh capital in the third quarter.

MIC president and CEO Rafael Consing Jr. said cumulative capital deployment, or money actually placed into investments, stood at P24.7 billion as of end-September, unchanged from June.

“I’m just being realistic. I don’t think it’s going to reach P35 billion,” Consing told reporters. “SGP (Synergy Grid and Development Philippines Inc.) would have been a very large part of that, but that’s not happening now.”

MIC decided not to proceed for now with its proposed additional investment in  SGP  following a review of the transaction’s terms, investment priorities and stewardship of public funds.

The company said the decision would not affect SGP’s financial position or the operations of National Grid Corp. of the Philippines. MIC plans to retain its 1.93-percent stake in SGP.

Consing confirmed that no capital was deployed between July and September, saying private equity transactions require extensive due diligence and can take up to nine months to complete.

He said MIC expects to announce two or three transactions before year-end, potentially in utilities and infrastructure, industrials or agriculture, subject to board approval.

If all three proceed, they could add P2.5 billion to P4 billion in investments, bringing cumulative deployment to P27.2 billion to P28.7 billion, still short of the original target.

Of the P18.77 billion deployed during the first nine months, P15 billion went to a working-capital loan to Petron Corp. and P3.68 billion to additional payments for shares in port operator Asian Terminals Inc. (ATI).

Despite the slower investment pace, MIC reported a 24-percent increase in nine-month net income to P2.18 billion from P1.76 billion a year earlier.

Revenue rose by 17 percent to P2.41 billion, while total comprehensive income, which includes changes in the value of certain investments, climbed by 32 percent to P2.85 billion.

Active investments contributed P756.5 million, or 31 percent of nine-month revenue, and half of third-quarter revenue of P1.03 billion. Interest on funds awaiting deployment generated P1.65 billion during the nine months.

However, MIC recorded P783.1 million in unrealized losses from falling SGP share prices in the third quarter, reducing comprehensive income to P157.9 million despite P941 million in net profit.

MIC held P53.67 billion in cash and cash equivalents as of September, while the national government’s remaining P50-billion capital contribution had yet to be released.

Consing said MIC aims to operationalize the Maharlika Investment Fund by June 2027 and develop trust-based vehicles to attract institutional investors, with retail participation envisioned later. His term ends Nov. 23.