24 October 2024 – The Maharlika Investment Corporation (MIC), the Philippines’ first sovereign wealth fund, has released its Annual Report for the year 2024. The report, now available to the public on the agency’s official website, outlines the significant milestones achieved during the first two years since its creation in July 2023.

The MIC operates with a dual mandate: to generate sustainable, optimal risk-adjusted financial returns and to serve as a powerful catalyst for long-term socioeconomic development.

2024 Performance and Financial Highlights

The year 2024 was focused on institutional build-up. Despite this initial phase, the MIC’s prudent capital preservation strategy successfully generated a healthy PHP2.68 billion in total comprehensive income from strategic low-risk placements.

“We are delighted to announce that in the two years of MIC in operations, it was able to remit to the National Treasury PHP1.45 billion as a result of prudent investment,” said Rafael D. Consing Jr., President and CEO of Maharlika Investment Corporation.

This strong initial performance led to the subsequent declaration of PHP 1.45 billion in dividends remitted to the National Treasury in early 2025.

For added transparency and compliance, the Annual Report includes the Audited Financial Statements for fiscal year 2023–2024. The audit was conducted by R.G. Manabat & Co., a member firm of the KPMG global organization, commissioned by the MIC as its external auditor.

Strategic Investments and Future Focus

The MIC has already initiated targeted strategic investments to align with its mandate. Key investments this year include:

Synergy Grid & Development Philippines, Inc.: Directly addressing the critical need for energy security and grid stability in the country.

CP Group Partnership: Establishing a significant platform to catalyze growth in vital sectors such as agriculture, digital transformation, and sustainable energy.

Interim Financing for Makilala Mining Co. Inc.: Supporting responsible resource development under the strictest environmental and social standards, with a vision for mining to become a robust Fifth Economic Pillar for the country.

The MIC is focusing on six priority thrusts for 2025–2026: Energy Transition, Infrastructure and Innovation, Food & Agriculture Modernization, Social Infrastructure, Sustainable Mining, and Climate Change Mitigation.

“We believe targeted investment in these priority areas will yield significant, broad- based benefits across the archipelago,” Consing added.

Commitment to Transparency and Governance

“Transparency is not just a policy for MIC; it is a core value,” Consing stated. “Our official website, mic.gov.ph, serves as a primary platform for sharing information about our policies, activities, and performance, adhering fully to the Freedom of Information requirements mandated by law.”

“We are building a world-class institution staffed by dedicated professionals, overseen by an independent and expert Board, and committed wholly to the long-term prosperity and resilience of the Philippines,” Consing concluded. The full Maharlika Investment Corporation Annual Report is available for download at mic.gov.ph.