Alejandro Edoria/Rappler
Three years after its creation, the overwhelming majority of Maharlika's capital still sits in banks collecting interest, though the sovereign wealth fund has cautiously started investing in ports, power, and mining
MANILA, Philippines – Three years after its rocky start, the Maharlika Investment Corporation (MIC) can now boast of profits, investment returns, and an unlikely new distinction: it is among Taguig City’s top 100 taxpayers.
The recognition covered tax year 2025 and came less than two years after Maharlika established its headquarters in the city. The Taguig City government did not disclose MIC’s exact ranking or the tax amount it paid, but the award offers the still-young sovereign wealth fund another badge of legitimacy after its creation and launch was dogged by questions over governance, political interference, and the use of capital from two state-owned banks.
Its financial statements, however, show a fund that’s still juggling two opposing identities: an active investor in strategic infrastructure and a very large depositor earning interest while waiting for projects.
