BUSINESS

Maharlika bullish on global fund status

Maria Bernadette Romero-Alcazar · Nov 11, 2026, 3:25 PM

Maharlika Investment Corporation plans a government–private sector-backed oil storage expansion to shield the Philippines from future fuel price shocks amid the Middle East crisis, as President Marcos Jr. declares an energy emergency and suspends excise taxes on kerosene and LPG.

The Philippines' sovereign wealth fund is pushing for a bigger seat at the global investment table, with Maharlika Investment Corp. (MIC) optimistic about securing full membership in an international organization that could strengthen its credibility and help attract foreign capital into the country.

MIC President and Chief Executive Officer Rafael Consing Jr. said the firm's application to join the International Forum of Sovereign Wealth Funds (IFSWF) as a full member could be considered this week.

“I'm hoping that it will get approved in the International Sovereign Wealth Forum,” Consing told reporters on the sidelines of the ASEAN Investment Forum in Makati City on Tuesday.

MIC submitted its application last week and sent a delegation to Greece for the meeting.

“We are already an associate member. In fact, it's interesting that we applied within six months of our being established. What we are now doing is we're now applying for a full membership," he said.

Consing acknowledged that approval remains uncertain, as MIC has yet to confirm whether its application made the board's agenda.

A decision could be announced as early as next week.

Full membership, according to Consing, would reinforce MIC's commitment to the Santiago Principles, a set of 24 internationally recognized standards on governance, transparency and investment practices for sovereign wealth funds.

The principles are already embedded in MIC governing law, with the Commission on Audit assessing the firm's compliance.

Membership could also help MIC forge partnerships with foreign sovereign wealth funds and attract capital for Philippine infrastructure and development projects.

"I think it's extremely important for all these sovereign wealth funds to start getting into a dialogue. And my view is that these dialogues will hopefully eventually lead to collaboration and eventually hopefully co-investment," Consing said.

He stressed that MIC's priority is bringing foreign capital into the Philippines rather than investing overseas.

"When I say co-invest, I'm hoping that they co-invest here," he said.

Consing, who is also ending his term on 23 November, also called for greater transparency as Maharlika expands its investment portfolio.

"But once we start deploying, then I think that the level of transparency has to take one more step higher," he said.