Maharlika to start investing this year; earnings already at P1.5 billion | ABS-CBN

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Maharlika to start investing this year; earnings already at P1.5 billion

Maharlika to start investing this year; earnings already at P1.5 billion

ABS-CBN News

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MANILA - The Maharlika Investment Corporation (MIC) will soon begin to invest, possibly in the next two to three months, the head of the sovereign wealth fund said on Tuesday.

So far, the MIC has already earned P1.5 billion in interest income, said MIC President and Chief Executive Officer Rafael Consing during a Senate hearing on the proposed budget of the Department of Finance and attached agencies.

Consing said the fund still has P75 billion - 50 billion from LandBank and P25 billion from the Development Bank of the Philippines. The funds, he said, have already earned.

“We have already generated about P144 million in retained earnings last year, when we started placing the money in November last year. And another about P1.4 billion this year, hence total P1.5 billion in interest income,” Consing told Senator Grace Poe.

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Consing revealed the MIC will soon make its first investment within the year, likely in the energy sector.  They are also reviewing all the memorandums of agreements it has signed. MIC has signed various agreements in the past months to explore possible investment opportunities in infrastructure, energy, and others.

“We have about 8 memorandums of agreement, currently undertaking due diligence in 2 very important investments. Both in the energy sector. Intuitively we expect perhaps that in the next 60 to 90 days, we should be able to deploy,” he said.

Consing also said the MIC is now seeking a budget of P336 million. MIC has just recently moved to an office in Taguig and Consing said they have 8 members of the board and one seat vacant.

Finance Secretary Ralph Recto, who sits as chair of the MIC board, earlier said the sovereign wealth fund firm is still setting up shop. Consing also has yet to be paid because there is still no contract as his compensation package is still being determined, Recto said.




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