Two years after the Maharlika Investment Fund Act was signed into law, the Philippines’ first sovereign wealth fund is beginning to deliver results. On 18 July 2025, the Maharlika Investment Corporation (MIC) marked its second anniversary with billions in dividends remitted to the national government and investments in energy, agriculture, and logistics: all aimed at strengthening national resilience.
At the fifth Philippine Blockchain Week, MIC president and CEO Rafael Jose Consing, Jr. joined Cathy Yang, Head of Programs & Host/Anchor of Cignal TV, Inc., in a fireside chat on 19 June, reflecting on the whirlwind journey since his appointment just months after the law’s passage. “The fund was built for the Filipino people,” he said, underscoring its intergenerational mandate to deliver both social impact and financial returns.
From its inception, the MIC faced sharp criticism. Yang pointed out terms coined by critics to describe MIC as a “debt-funded vehicle” or a “family fund.” Consing, Jr. acknowledged earlier perceptions but emphasised that the fund’s design for intergenerational impact balances social development with financial returns.
Consing, Jr. sheds light on concrete achievements by MIC, such as the PHP1.38 billion ($22.4 million) in dividends in 2023 and PHP1.45 billion ($23.5 million) in 2024, positioning itself as a driver of long-term growth.
Trust, he explained, is cultivated through governance and transparency. The MIC board is composed largely of private-sector professionals, with committees modelled on global best practices. “We act as if we are a publicly listed company,” Consing, Jr. said, pointing to disclosures aligned with the Santiago Principles, the international standards for sovereign wealth funds.
Unlike oil-rich nations that capitalise their funds from natural resource windfalls, the MIC was seeded by two state banks, Land Bank and DBP. This unique origin demanded careful prioritisation. Guided by Ambisyon 2040, the fund identified six sectors, with energy, agriculture, and logistics at the core.
Additionally, energy investments have focused on transmission lines rather than generation or distribution, enabling private-sector participation while reducing subsidies for off-grid communities. “Every peso we invest must deliver a high multiplier,” Consing, Jr. said, citing the potential to lower electricity bills by cutting reliance on costly diesel-powered plants.
Logistics projects, such as the privatisation of ATI, aim to build a north-to-south framework for moving goods more efficiently. Agriculture initiatives target food security, linking infrastructure to poverty alleviation.
Consing, Jr. reiterated MIC’s commitment to transparency through its website and public forums while advancing digital resilience in government. He also pointed out the Membership in the International Forum of Sovereign Wealth Funds and a Forthcoming audit reinforce accountability.
As his three-year term nears its end in November, succession planning is underway. Yet Consing, Jr. remains open to extending his service: “Happy to serve. I’m here to serve.” Moreover, MIC has shed light on its responsible stewardship, from navigating criticism, proving viability through dividends remitted to the government, and laying the foundations for long-term growth. “Trust is built over time,“ Consing, Jr. concluded. “We just have to give everyone time to trust us.”
