Maharlika Investment Corporation Posts P2.68 Billion Profit in First Year

The Maharlika Investment Corporation (MIC), manager of the Philippines’ sovereign wealth fund, has released its Government Corporation Information Sheet for 2024, showing a strong start to operations.

With just 38 employees and one officer, MIC kept expenses low at P93 million while generating P2.77 billion in revenues, leading to a net income of P2.68 billion in its first full year. The fund closed 2024 with P76.8 billion in cash and equivalents, up from its initial P75 billion paid-up capital from Land Bank of the Philippines and Development Bank of the Philippines.

Total assets stood at P127.2 billion, with liabilities of only P668 million, leaving MIC with a strong equity base of P126.6 billion. The National Government’s P50 billion capital subscription remains payable, which would further strengthen the fund once received.

Investments were modest at P174.6 million in equity instruments, reflecting the early stage of portfolio-building, while capital expenditures were kept to just P118.6 million, mostly for office leases and equipment.
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MIC’s results demonstrate disciplined management and profitable operations in its first year. With strong liquidity and growing retained earnings, the sovereign wealth fund is well-positioned to expand investments that can support economic growth and long-term nation-building.