MAHARLIKA Investment Corp. (MIC) President and CEO Rafael Consing Jr. is confident he will end his tenure at the sovereign wealth fund with the likelihood of surpassing the full-year income target of P3.3 billion, despite falling short of its capital deployment goal.
“We’re quite confident that we can get to the 3.3 [billion goal]. I think, in fact, there’s a possibility that it might go a little bit higher,” Consing told reporters in a media briefing on Thursday.
“I think we will outperform,” he added.
The state sovereign wealth fund reported P2.85 billion in total comprehensive income for the first nine months of the year, up 32 percent from the P2.15 billion recorded in the same period last year.
Consing previously said the MIC aimed to reach P3.3 billion in comprehensive income for the year and also deploy up to P35 billion in capital.
Consing shared that he is preparing to end his term at the end of this month.
“Any announcement on the transition will come from the palace. And what I can tell you is that MIC is very ready for it,” Consing said.
“It is an institution now with a team, a board, a set of policies, a portfolio, a process that has proven and that will carry on,” he added.
However, the MIC chief said the target capital deployment was now unlikely to be achieved.
“I don’t think it’s going to reach P35 billion. It was a good target to meet, but we are, I would say, I bet SGP would have been a very large part of that, but that’s not happening now,” Consing said.
“So, hence, I don’t think it’s going to reach that,” he added.
Consing confirmed that they would not proceed, at this time, with a proposed investment in Synergy Grid and Development Philippines Inc. (SGP).
“MIC won’t proceed for the time being with our proposed transaction,” Consing said.
“The decision really followed our continuing evaluation of the transaction,” he added.
Consing said the company decided to defer further investment in SGP following a reassessment of the deal terms, changing geopolitical conditions and its current investment priorities, stressing its responsibility to safeguard public funds.
However, he clarified that MIC would retain its existing 1.93-percent stake in SGP, which is held separately in common shares and continues to generate significant dividend income.
MIC deployed P18.77 billion in capital in the first nine months of the year, bringing its cumulative capital deployment to P24.70 billion. Major investments included a P15-billion working capital loan to Petron Corp. and an additional P3.68 billion in cash payments for its shares in Asian Terminals Inc. (ATI).
MIC also recognized P292.7 million in its share of ATI’s net income, while the Petron loan generated P343.4 million in interest income over the nine-month period.
As of the first nine months of 2026, net income reached P2.18 billion, 24 percent higher than the P1.76 billion recorded in January to September 2025.
Revenue, meanwhile, hit P2.41 billion in the first nine months of the year, up 17 percent from the P2.07 billion in the same period last year.
Active investments were said to have contributed P756.5 million, or 31 percent of MIC’s revenue for the nine-month period, compared with 3.0 percent for full-year 2025.
Revenues from active investments contributed 50 percent or P515.6 million of quarterly revenue.
“The third-quarter increase was driven by MIC’s share in the earnings of Asian Terminals Inc. and interest income from its loan to Petron Corp.,” the MIC said.
The MIC said that funds awaiting deployment were held in cash and short-term placements, mainly with government financial institutions.
These placements generated P1.65 billion in interest income during the nine-month period while allowing MIC to maintain liquidity as it assessed potential investment opportunities.
As of Sept. 30, cash and cash equivalents totaled P53.67 billion.
Consing said they expect two or three more transactions to be announced before the year end.
These are investments in utilities and infrastructure, industrials and agriculture.
