MANILA, Philippines – Maharlika Investment Corporation (MIC) is expected to begin its investment activities within 60 to 90 days, according to its head, Rafael Consing Jr.
“Intuitively we expect perhaps that in the next 60 to 90 days, we should be able to deploy,” Consing said on Tuesday, August 27, during a Senate committee hearing on the Department of Finance’s 2025 budget.
Though MIC has yet to begin investing in full swing, Consing said its “very active” board has held 14 meetings. MIC has also entered into eight memoranda of agreement and is conducting due diligence for two “very important investments, both in the energy sector.”
The Philippine sovereign wealth fund’s interest in energy is focused specifically on transmission lines, not in generation or distribution, with Consing previously telling the media that MIC would invest in island power grid infrastructure projects. MIC is also exploring investment opportunities in the Clark Freeport and New Clark City areas and has expressed interest in Francisco Motors’ plans to establish a manufacturing facility for e-jeepneys.
Last July 18, the MIC board approved the policies, strategies, and risk management practices meant to guide the company in picking its investments and managing its portfolio.
Since MIC started operations in November 2023, it has generated P144 million for 2023 and an additional P1.4 billion in 2024, bringing the total interest income earned so far to around P1.5 billion. The company is also budgeting around P330 million for its expenses, including capital expenditure.
MIC operates with a capital base of P75 billion — P50 billion sourced from the Land Bank of the Philippines (Landbank) and P25 billion from the Development Bank of the Philippines (DBP), as mandated by the law that established the fund.
Consing mentioned that his team currently consists of just nine people, including support staff. The board of directors itself has nine seats, only eight of which are filled. The finance secretary serves as the ex-officio chairperson, the MIC head is the vice chairperson, the heads of Landbank and DBP are members, and there are five more members from the private sector. One of these private sector seats is currently vacant and should be filled by a regular director.
MIC recently established its office at ORE Central in Bonifacio Global City, Taguig.
According to Finance Secretary Ralph Recto, MIC officials have also yet to be paid, especially as compensation packages remain a contentious issue. It was previously reported that Consing requested a basic salary of P2.5 million per month, arguing that competitive compensation is necessary to attract talent for a sovereign wealth fund, according to The Philippine Star.
During the Senate hearing, Consing did not address his proposed salary directly but confirmed that MIC has already secured approval for non-technical compensation. This proposal is set to be submitted to President Ferdinand Marcos Jr. for final approval.
He also mentioned that MIC is in the process of formulating policies for classifying certain positions as “highly technical.” These positions would be exempt from the strict salary levels typically applied to government roles and would likely include Consing and other senior leaders of MIC.
“Once those guidelines have been set up, then we go through the process of actually designating,” Consing said on Tuesday.
Consing also raised concerns about the Governance Commission for Government-Owned or Controlled Corporations, which is responsible for overseeing MIC. He stated that the GCG is “not prepared to assist startup institutions” and lacks specific guidelines for newly established government corporations like Maharlika. – Rappler.com
