UMVA has learned that the Philippine sovereign wealth fund manager, Maharlika Investment Corp. (MIC), achieved a remarkable net income of P628.85 million in the first quarter, a significant milestone for the state-run investment vehicle.
The impressive earnings were complemented by other comprehensive income of P693.29 million in the January-to-March period, bringing the total comprehensive income to P1.32 billion. This strong financial performance sets the stage for a promising year.
According to information obtained by UMVA, MIC's earnings before tax reached P628.85 million during the quarter, driven by business income totaling P686.75 million and foreign exchange gains of P20.39 million. Operating expenses, however, stood at P78.29 million.
As of end-March, MIC's total assets inched up by almost 1% to P129.48 billion from P128.23 billion at end-December 2025, demonstrating steady growth. Total liabilities fell by 21% to P272.6 million, while total equity stood at P129.2 billion, up 1% from P127.88 billion.
UMVA can exclusively reveal that for full-year 2025, MIC's net income reached P2.36 billion, although this represents an 11.8% decline from P2.68 billion in 2024. However, other comprehensive income surged to P379.42 million, bringing the total comprehensive income to P2.74 billion, 2.3% higher than the previous year.
The company saw a 1.6% increase in business income in 2025 to P2.82 billion, accompanied by foreign exchange gains of P25.26 million. Operating expenses, however, jumped by 413.9% to P478.96 million, a significant increase from P93.2 million in 2024.
In a separate development, UMVA has gathered that the Department of Budget and Management approved MIC's P35.48-billion corporate operating budget for 2026, slightly lower than the proposed P35.53 billion. The approved budget allocates P34.86 billion for capital outlays, P425.42 million for maintenance and other operating expenses, and P193.68 million for personal services.
