The Maharlika Investment Fund (MIF) will not receive any government subsidies for next year since it has not made any investments nearly a year after it was set up, the Department of Finance (DoF) said on Wednesday.

At the Development Budget Coordinating Committee’s budget hearing, the DoF admitted the country’s first sovereign wealth fund was “taking time” to find investment opportunities.

“There is no subsidy in the 2025 National Expenditure Program for Maharlika. Admittedly, it is taking time to identify investments that it can make,” the DoF said.

“As you know, we just passed the law last year so they have been in operation for six [or] seven months now, so it’s like a startup,” the DoF added.

The finance department noted the MIC has found an office and is looking for employees. It is determining the pay packages for its employees, while it scouts for investments.

The DoF said the MIC was given an initial P75 billion which it “invested in the treasury” and is earning interest.

MIC president and CEO Rafael Consing said the MIF will reduce poverty and create jobs to enhance economic growth.

He said the MIF will support rapid economic growth, reduce poverty by providing jobs, and promote sustainable development.

Consing was recently in the news for supposedly asking for a P2.5-million monthly salary, which some thought excessive given the MIF’s lack of assets.

“He has not received a single peso,” the DoF said.

The department reported no Maharlika earnings and said that no MIC officer earned more than was mandated. The law prohibits government personnel from earning more than their salary grade.

“It’s the private sector representatives who will be paid eventually, but as of today they have not been paid a single centavo,” the DoF said.