August 27, 2025 | 12:00am
MANILA, Philippines — Maharlika Funding Corp. (MIC), has reported a worthwhile full 12 months of operation in its first 12 months, reserving a internet earnings of P2.68 billion in 2024.
In an announcement, the nation’s sovereign wealth fund stated it generated P2.77 billion in revenues final 12 months, whereas bills solely reached P93 million.
MIC reported complete property of P127.2 billion towards simply P668 million in liabilities, giving it a robust fairness base of P126.6 billion. The federal government’s P50-billion capital subscription stays payable, which officers stated would additional increase the fund’s monetary energy as soon as obtained.
“With sturdy liquidity and rising retained earnings, the sovereign wealth fund is well-positioned to develop investments that may help financial progress and long-term nation-building,” MIC stated.
The fund ended 2024 with P76.8 billion in money and equivalents, barely greater than the P75 billion in seed capital supplied by Land Financial institution of the Philippines and Improvement Financial institution of the Philippines.
MIC additionally reported modest investments of P174.6 million in fairness devices, reflecting its early portfolio-building section. Capital expenditures have been restricted to P118.6 million, largely for workplace leases and gear.
In its maiden 12 months, MIC had solely 38 workers and one officer.
MIC president and CEO Rafael Consing Jr. additionally introduced that the wealth fund has entered right into a landmark partnership with ACWA Energy, a worldwide power developer partly owned by Saudi Arabia’s wealth fund, to discover renewable power ventures within the Philippines.
The settlement was formalized by way of a memorandum of understanding, which seeks to convey sustainable electrical energy options to underserved and off-grid island communities throughout the nation.
“By becoming a member of forces with a worldwide chief like ACWA Energy, which is 40 % owned by the general public funding fund of Saudi Arabia, we’re leveraging world-class experience and strategic capital to unlock the huge renewable power potential of our archipelago,” Consing stated.
Based on Consing, the partnership represents not solely an funding in infrastructure but in addition a dedication to inclusive nation constructing, noting that the transition to renewable power will immediately uplift communities.
In the meantime, veteran funding banker and tv host Stephen CuUnjieng has been appointed by the MIC as an unbiased director and chairperson of its funding committee, a key function in shaping methods for portfolio progress and governance oversight. “With deep expertise throughout capital markets, mergers and acquisitions, personal fairness, enterprise capital, actual property, and fintech, he brings a worldwide perspective and strategic perception to assist MIC’s mission to responsibly develop and handle the MIF for long-term nationwide profit,” the wealth fund stated.
Because the chief for funding, CuUnjieng is tasked with formulating and executing MIC’s funding methods and insurance policies.
This consists of reviewing and approving funding proposals, overseeing portfolio efficiency and managing dangers to make sure returns are optimized inside the group’s outlined danger urge for food.
CuUnjieng brings to the desk over 35 years of expertise and management spanning throughout funding banking, personal fairness and company governance. He served senior posts at main monetary establishments throughout Asia, the US and Europe.
