Maharlika fund targets P1.8-B income from planned P34.9-B capital deployment

The Philippines’ sovereign wealth fund plans to deploy P34.9 billion in capital this year, with a projected gross income of P1.8 billion, according to its latest performance scorecard.

The state-owned Maharlika Investment Corp. (MIC) said it is targeting a net income of P1 billion, with overall net returns from its capital base expected to reach P4.1 billion. The roadmap, released last month, highlights both profitability and contributions to the country’s economic and social development.

To ensure impact, the fund requires all investments to deliver at least a 10 percent economic internal rate of return, a measure that considers broader social outcomes such as job creation, infrastructure improvements, and sustainability.

The sovereign fund has so far committed P28 to P29 billion in projects, with additional investments of under P10 billion planned for at least three more ventures before the end of 2025. This would bring total commitments to around P37 billion within two years of its establishment.

Recent projects include a P19.7-billion acquisition of a 20 percent stake in the National Grid Corporation of the Philippines, a P5-billion partnership with Saudi-backed ACWA Power to expand renewable energy in off-grid areas, a collaboration with Thailand’s Charoen Pokphand Group in agriculture and digital innovation, and a $76.4-million (P4.3-billion) bridge loan to support a copper-gold mining project in Kalinga.

The fund said upcoming investments will also cover transportation and logistics infrastructure, alongside energy and agricultural ventures. Officials noted that while the NGCP stake remains the largest single investment to date, future deals are expected to be smaller in scale but diversified in scope.