Senator Mark Villar has filed a resolution calling for a Senate inquiry into the investment and operational activities of the Maharlika Investment Corporation (MIC), the state-run firm managing the country’s sovereign wealth fund.
Through Senate Resolution No. 334, Villar urged the Senate to review MIC’s investment decisions amid concerns over whether certain transactions adequately protect public interest.
One of the deals cited was MIC’s plan to acquire more than 100 million shares worth around ₱3.64 billion for a minority stake in port operator Asian Terminals Inc., coinciding with the company’s plan to delist from the Philippine Stock Exchange. The move drew criticism from some sectors questioning the structure of the investment.
“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 in a statement on Tuesday.
Despite raising concerns, Villar acknowledged that fund managers should retain flexibility in executing strategies, while stressing the government’s duty to ensure accountability.
“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 said.
The Maharlika fund was established through the Maharlika Investment Fund Act, authored and sponsored by Villar, and signed into law to mobilize government financial assets for long-term economic development.
Under the law, MIC was authorized to manage up to ₱500 billion in capital sourced from the national government, state-owned enterprises, and financial institutions.