State-run Maharlika Investment Corp. (MIC), which manages the country’s first sovereign wealth fund (SWF), grew its total comprehensive income by 2.3 percent to ₱2.74 billion last year from ₱2.68 billion in 2024 as business income rose despite higher expenses.

Based on MIC’s latest condensed statements of comprehensive income, which included unaudited 2025 figures and audited 2024 results, business income increased by 1.6 percent to ₱2.82 billion from ₱2.77 billion.

The SWF manager also recorded net foreign exchange (forex) gains of ₱25.26 million in 2025.

While MIC’s net income declined by 11.8 percent to ₱2.36 billion last year from ₱2.68 billion in 2024, its other comprehensive income rose to ₱379.42 million from only ₱2.47 million a year ago, bringing total comprehensive income slightly higher year-on-year.

Its separate condensed statements of financial position showed that MIC’s total assets inched up by 0.8 percent to ₱128.23 billion in 2025 from ₱127.25 billion in 2024.

MIC closed 2025 with a cash balance of ₱71.12 billion, while its financial assets at fair value through other comprehensive income (FVOCI) reached ₱4.77 billion.

As of end-2025, MIC deployed ₱5.9 billion into strategic investments in Synergy Grid & Development Phils. Inc. (SGP), Makilala Mining Co. Inc. (MMCI), and Asian Terminals Inc. (ATI).

It generated ₱481.6 million from investment-related income, consisting of dividend, interest, and fair value gains, particularly from the fair value appreciation of its SGP investment.

MIC also continued to manage undeployed capital through placements with government financial institutions (GFIs), which generated ₱2.7 billion in interest income during the year.

“Consistent with the strategy in the prior year, undeployed funds continued to be managed prudently in 2025 through placements in low-risk, interest-bearing instruments while long-term investment opportunities were being evaluated and processed,” MIC said.

“Recognizing that strategic investment deployment requires pipeline development, rigorous due diligence, and compliance with applicable regulatory and governance requirements, MIC maintained a capital preservation approach for funds pending deployment into long-term investments. Accordingly, undeployed capital was strategically placed with Land Bank of the Philippines (Landbank), Development Bank of the Philippines (DBP), and the Bangko Sentral ng Pilipinas (BSP) to ensure liquidity, security, and optimal utilization of available funds,” it added.

Under Republic Act (RA) No. 11954, which established the SWF, MIC’s initial capitalization was set at ₱125 billion, consisting of ₱50 billion from GFI Landbank, ₱25 billion from also GFI DBP, and ₱50 billion from the national government (NG).

However, MIC said the NG’s capital contribution has not yet been remitted and is recognized as “due from the NG.”

MIC said it had already complied with all documentary and procedural requirements needed to facilitate the release of the funding, while the Bureau of the Treasury (BTr) confirmed that the Bangko Sentral ng Pilipinas (BSP) and state-run Philippine Amusement and Gaming Corp. (Pagcor) had remitted to the national treasury the amounts intended for MIC’s initial capitalization under RA 11954.

For SGP, which holds a stake in National Grid Corp. of the Philippines (NGCP), MIC increased its total deployment to ₱1.2 billion as of end-2025 through market acquisitions of shares, generating total returns of ₱589.2 million from unrealized fair value gains and dividend income.

MIC also signed in January last year a binding term sheet with SGP and its principal shareholders for a broader strategic investment framework covering, among others, enhanced governance and participation rights, subject to definitive agreements and applicable approvals.

For MMCI, MIC had entered into an omnibus loan and security agreement (OLSA) of up to $10 million to support the front-end engineering design (FEED), feasibility study (FS), and other early-stage development activities of the Maalinao-Caigutan-Biyog (MCB) copper-gold project.

As of end-2025, MIC disbursed $7.4 million, or ₱426.9 million, to MMCI through multiple loan drawdowns, generating ₱18.4 million in interest income last year.

For ATI, MIC entered into a share sale and purchase agreement (SSPA) for the acquisition of 121.17 million shares at ₱36 per share, as part of a broader transaction related to ATI’s proposed tender offer and voluntary delisting from the Philippine Stock Exchange (PSE).

As of end-2025, only a partial crossing of the SSPA shares was completed, resulting in MIC acquiring about 4.8 percent of ATI’s outstanding shares.

MIC’s total shareholdings in ATI could increase to as much as 11.2 percent upon completion of the contemplated transactions, subject to the tender offer process, regulatory approvals, and other conditions.

The ATI shares held by MIC had a fair value of ₱3.1 billion as of end-2025, while the remaining balance related to uncompleted share crossings under the SSPA was recorded as deposits for stock purchase.

Despite unrealized fair value losses from the ATI investment during the period, MIC said it continues to view the port operator from a long-term strategic perspective.

Meanwhile, MIC’s 2025 opex consisted mainly of manpower-related costs, professional services, advisory expenses tied to strategic investments, management fees, taxes, and other office expenses.

MIC said its opex remained well within the statutory two-percent cap relative to funds under management mandated by RA 11954.

Separate end-March 2026 reports showed MIC’s total assets further rose to ₱129.48 billion by the end of the first quarter.

MIC posted total comprehensive income of ₱1.32 billion in the first quarter, with business income of ₱686.75 million, other comprehensive income of ₱693.29 million, and net forex gains of ₱20.39 million.

Opex amounted to ₱78.29 million during the first quarter.