The Philippines’ Maharlika Investment Corp earned 2.3 billion pesos (US$41.26 million) of income in 2024, its first full year of operations, and paid around 1.44 billion pesos in dividends to the government, according to local publication BusinessWorld, citing Rafael Consing Jr, chief executive officer of the sovereign wealth fund.
“We could have paid more, but we paid taxes,” Consing is quoted as saying in the report published on May 16.
He says Maharlika expects to invest 35 billion pesos-37 billion pesos this year.
The wealth fund was established in July 2023 with an authorised start-up capital of 500 billion pesos.
It has since invested 28 billion pesos, including 19.7 billion pesos for a 20% stake in the National Grid Corporation of the Philippines, and a $76.4 million bridge loan to Makilala Mining Co to develop a copper-gold project in Kalinga province.
Consing did not immediately respond to questions from Asia Asset Management.
