P125-billion capitalization for Maharlika fund approved — MIC

MANILA, Philippines — The Department of Finance (DOF) announced that the Maharlika Investment Corp. (MIC) has approved a P125 billion capitalization plan for the Maharlika Investment Fund (MIF).

The capitalization scheme was approved during the first meeting of the MIC on Wednesday.

“The board approved the presented capitalization scheme of the MIC amounting to P125 billion,” the DOF said in a statement.

The initial capital of P75 billion was provided by state-run banks LandBank of the Philippines and the Development Bank of the Philippines.

Additional funding of P50 billion from the national government will be sourced from dividends from the Bangko Sentral ng Pilipinas and other government financial institutions.

In total, the fund's authorized capital stock is set at P500 billion.

During the MIC meeting, Rafael Consing Jr., the president and CEO of MIC, highlighted potential investment areas for the MIF.

These sectors include infrastructure, oil, gas, and power, agroforestry, industrial urbanization, mineral processing, tourism, transportation, aerospace and aviation, according to Consing.

“The fund is designed to catalyze economic development and accelerate the country’s growth by optimizing the use of government financial assets and promoting intergenerational management,” the DOF said in a statement.

The MIC, meanwhile, also approved the Bureau of Treasury as the interim manager of the MIF.

The MIF has been previously flagged by a Singapore-based thinktank in November 2023, due to its risk of misuse of its funds.