Mark Villar seeks probe into Maharlika Corp.’s investment activities

Senator Mark Villar has filed a resolution seeking an investigation into the investment and operational activities of Maharlika Investment Corporation (MIC), the state-owned firm managing the country’s sovereign wealth fund. 

Under proposed Senate Resolution No. 334, Villar cited reports regarding certain investment activities of the MIC that have “raised questions as to whether these transactions truly safeguard the public interest.” 

Specifically, the senator said it was announced in December 2025 that the MIC intended to acquire over 100 million shares for a minority stake in port operator Asian Terminals Inc. (ATI), for a total of P3.64 billion. 

He said that the acquisition coincided with the ATI’s plans to delist and exit from the Philippine Stock Exchange (PSE).

“The investment has drawn criticism for effectively using public funds to benefit private shareholders without affording the MIC meaningful control or influence over operations,” Villar said. 

“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,” he added. 

Villar was the sponsor of Senate Bill No. 2020 or the Maharlika Investment Fund (MIF) bill.

MIC president and chief executive officer Rafael Jose Consing Jr., in response, said that the entity respects and welcomes the Senate’s exercise of its oversight functions.

“As a cornerstone of the country’s economic strategy, the MIC is built on the pillars of transparency, accountability, and rigorous governance,” Consing told GMA News Online.

“We view this inquiry as a constructive opportunity to share our progress and demonstrate how every investment activity is strictly aligned with our mandate to safeguard public interest and drive long-term national growth.”

Consing said that the MIC is fully committed to cooperating with legislators to ensure that the Maharlika Investment Fund “continues to serve the best interests of the Filipino people.”

The Maharlika Investment Fund (MIF) Act was signed into law by President Ferdinand “Bongbong” Marcos Jr. in 2023, seeking to catalyze economic development and accelerate the country’s growth by optimizing the use of government financial assets and promoting their intergenerational management.

The Philippines’ first sovereign wealth fund was signed into law by President Ferdinand “Bongbong” Marcos Jr. in July 2023 through Republic Act No. 11954, establishing the MIC.

Under the law, the MIC was granted an authorized capital stock of P500 billion, with P375 billion in common shares available for subscription by the national government, its agencies or instrumentalities, government-owned and -controlled corporations (GOCCs), and government financial institutions (GFIs).—AOL, GMA Integrated News