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Manila Bulletin devider Business devider Banking & Finance devider Maharlika extends ₱15-billion loan to Petron for fuel supply boost

Maharlika extends ₱15-billion loan to Petron for fuel supply boost

Published May 14, 2026 05:02 pm

At A Glance

  • State-run Maharlika Investment Corporation (MIC) has extended up to ₱15 billion in short-term financing to Petron Corporation, the country's lone remaining oil refinery, to boost the firm's working capital for fuel purchases.

State-run Maharlika Investment Corp. (MIC) has extended up to ₱15 billion in short-term financing to Ramon S. Ang-led Petron Corp., the country’s lone remaining oil refinery, to boost the firm’s working capital for fuel purchases.

In a statement on Thursday, May 14, the country’s sovereign wealth fund (SWF) manager said it signed an agreement with Petron for a short-term revolving credit facility aimed at strengthening the country’s fuel security amid elevated global oil prices.

Under the arrangement, MIC will provide financing that Petron may use solely for the purchase or importation of crude oil, refined petroleum products, and related working capital requirements.

MIC President and Chief Executive Officer (CEO) Rafael D. Consing Jr. said the facility comes at a time when oil firms are grappling with higher funding requirements to maintain fuel inventories.

“The price of oil has risen to the point where distribution companies must double their working capital just to buy the same amount of fuel,” Consing said. “This facility allows MIC to support fuel supply stability while deploying capital in a sector that is essential to the economy.”

MIC said the financing complements Petron’s existing funding arrangements and gives the oil firm additional flexibility in managing fuel procurement and expanding its crude oil inventory.

As the country’s only remaining oil refiner and one of its largest fuel suppliers, Petron plays a major role in ensuring the steady flow of petroleum products to households, transport operators, businesses, and industries.

“By supporting a critical component of the country’s energy supply chain, MIC is also positioned to generate risk-adjusted returns while enhancing economic resilience,” it said. - Derco Rosal

Related Tags

Petron Corp. Maharlika Investemnt Corp. (MIC) Rafael D. Consing Jr. fuel loan deal
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