Key Takeaways
- • Maharlika Investment Corp. (MIC) CEO Rafael D. Consing Jr. said the Philippines' growth slowdown to a post-pandemic low of 2.1% in Q3 2026 could attract foreign investors by triggering a repricing of domestic assets.
- • MIC has deployed ₱18.77 billion since January 2026, bringing cumulative capital deployment to ₱24.7 billion since 2024.
- • MIC may miss its ₱35 billion cumulative investment target for end-2026, partly because it halted its planned investment in Synergy Grid & Development Phils. Inc. (SGP).
- • MIC submitted an application for regular membership in the International Forum of SWFs (IFSWF), with a board decision expected around Nov. 11, 2026.
Summary
State-run sovereign wealth fund Maharlika Investment Corp. (MIC) argues that the Philippine economy's slowdown to a post-pandemic low could work in its favor by attracting foreign investors, according to a Manila Bulletin report. MIC President and CEO Rafael D. Consing Jr. made the remarks to reporters on Tuesday, Nov. 10, on the sidelines of an ASEAN SWF forum.
Domestic growth slowed to 2.1% in the third quarter of 2026, reflecting a sharp contraction in government construction, lower agricultural output, and weaker household spending, although services and exports continued to grow. Consing said foreign investors do not focus primarily on GDP growth when committing capital, instead weighing potential returns, local governance, and actual investment opportunities. He argued that as growth slows, asset prices reprice, creating entry points, and pointed to public market valuations that he said have fallen relative to regional peers.
MIC is continuing to deploy capital, with ₱18.77 billion invested in 2026 to date. Consing said the fund may not reach its ₱35 billion cumulative target by year-end, partly due to its decision to halt a planned investment in Synergy Grid & Development Phils. Inc. For the remainder of 2026, MIC may make staggered investments across utilities and infrastructure, industrials, and agriculture, with no single investment exceeding ₱4 billion.
On governance, Consing said MIC recently submitted an application for full regular membership in the International Forum of SWFs (IFSWF), which promotes good governance, transparency, and accountability among sovereign wealth funds. MIC has been an associate member since July 2024, a status without voting rights. Consing said regular membership would place MIC alongside SWFs committed to the Santiago Principles. The IFSWF board meets on Nov. 11, and Consing said he expects to learn the outcome within the coming week.
Domestic growth slowed to 2.1% in the third quarter of 2026, reflecting a sharp contraction in government construction, lower agricultural output, and weaker household spending, although services and exports continued to grow. Consing said foreign investors do not focus primarily on GDP growth when committing capital, instead weighing potential returns, local governance, and actual investment opportunities. He argued that as growth slows, asset prices reprice, creating entry points, and pointed to public market valuations that he said have fallen relative to regional peers.
MIC is continuing to deploy capital, with ₱18.77 billion invested in 2026 to date. Consing said the fund may not reach its ₱35 billion cumulative target by year-end, partly due to its decision to halt a planned investment in Synergy Grid & Development Phils. Inc. For the remainder of 2026, MIC may make staggered investments across utilities and infrastructure, industrials, and agriculture, with no single investment exceeding ₱4 billion.
On governance, Consing said MIC recently submitted an application for full regular membership in the International Forum of SWFs (IFSWF), which promotes good governance, transparency, and accountability among sovereign wealth funds. MIC has been an associate member since July 2024, a status without voting rights. Consing said regular membership would place MIC alongside SWFs committed to the Santiago Principles. The IFSWF board meets on Nov. 11, and Consing said he expects to learn the outcome within the coming week.
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