How’s Maharlika doing? Senate probe pushed
Sen. Mark Villar has asked the Senate to look into the investment activities of the Maharlika Investment Corp. (MIC), including its purchase of shares in port operator Asian Terminals Inc. (ATI), to ensure the proper management of the country’s sovereign wealth fund.
In Senate Resolution No. 334, Villar sought a probe into the investments and operational activities of the MIC following activities that “raised questions as to whether these transactions truly safeguard the public interest.”
MIC, headed by former investment banker Rafael Jose Consing Jr., manages the Maharlika Investment Fund (MIF) created under Republic Act No. 11954.
Its primary mandate is to generate optimal long-term returns on investments while fostering the socioeconomic development of the Philippines.
Criticism
Investing in companies, such as ATI, is supposedly part of that mandate.
But according to Villar, “the investment [into ATI] has drawn criticism for effectively using public funds to benefit private shareholders without affording the MIC meaningful control or influence over operations.”
The MIC announced in December 2025 its plan to acquire up to 101.19 million shares in ATI headed by businessman Eusebio Tanco at P36 each, or about P3.64 billion.
But this is enough for just a small minority stake in the company.
The acquisition came as the port operator moved to delist from the Philippine Stock Exchange on April 3, marking what would be the first stock market delisting in 2026.
ATI said the delisting was a “strategic step to optimize the company’s structure for long-term growth.”
The resolution said that as of February, the sovereign wealth fund had already spent around P2.9 billion to acquire a 4.62-percent stake in the port operator although the plan is to invest as much as P8 billion into the company.
State’s duty
The MIC aims to acquire around 11.2 percent of ATI, executing the transaction through two steps: a direct acquisition of 121.18 million shares from existing shareholders and a tender offer for up to 101.19 million shares of the public float at P36 per share.
“While the MIC must be given certain leeway to execute its investment strategies, the State must not shirk away from its duty to ensure that public funds are being managed to redound to the public benefit in a transparent and efficient manner,” Villar said in the resolution.
He was also the author and sponsor of Senate Bill No. 2020, or the MIF bill.
The MIC said in an earlier statement that the ATI investment reflected a strategy of “sovereign stewardship,” in line with its mandate to direct capital into strategic real-economy assets.
It added that the ATI investment ensures that the government will keep a passive stake in key infrastructure.
“The port sector is the circulatory system of the Philippine economy. My previous tenure in global logistics has reinforced the conviction that port infrastructure is not merely a business, but a strategic national asset,” Consing earlier said.
He added that the investment is part of the MIC’s broader strategy to secure long-term economic value from critical sectors of the economy.
“We are deploying the Fund to capture value from critical utilities that possess high barriers to entry and a direct correlation to the country’s GDP (gross domestic prodct) growth. This ensures that our portfolio is resilient, cash-generative, and aligned with national progress,” Consing said.
Eyeing BCDA partnership
Once the transaction is completed, the MIC will secure a seat on ATI’s board, which will help anchor the port operator within the Philippine financial ecosystem.
Aside from investing in ATI, the MIC earlier signed a memorandum of understanding with the Bases Conversion and Development Authority (BCDA).
This partnership explored opportunities in transportation, logistics, affordable housing, and agro-industrial urbanization, underscoring the MIC’s role in advancing strategic national projects.
It has also signed a deal with Clark International Airport Corp. to evaluate opportunities for major infrastructure and development projects in the Clark Freeport and Special Economic Zone.
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