The Maharlika Investment Corporation (MIC), the manager of the Philippines’ inaugural sovereign wealth fund, has successfully concluded its bridge loan investment in Makilala Mining Co. Inc. (MMCI), yielding significant returns and paving the way for fresh foreign capital.
In an official statement released on June 5, MIC confirmed it had finalized the assignment of its rights, titles, and interests from the loan and security agreement with MMCI over to Equinaire Holdings Ltd., a subsidiary of India’s Kiri Industries Ltd. (KIL). This transfer marks the sovereign wealth fund’s full divestment from the bridge loan.
The exit yielded a net annualized return of 12.5% in US dollar terms and approximately 25% in Philippine peso terms, boosted by both core investment gains and favorable foreign-exchange performance.
According to the MIC, these realized profits will enhance its capacity to redeploy capital into upcoming strategic projects, aligning with its dual mandate of securing financial returns and driving national economic growth.
“By attracting strategic global capital, this divestment has created immediate capacity for future investments,” MIC President and CEO Rafael Jose Consing Jr. said.
“The outcome reflects the disciplined investment approach that MIC seeks to bring to its portfolio in furtherance of its mandate of generating sustainable returns while supporting national economic development.”
The transaction introduces KIL, an international industrial group with an interest in critical minerals, into the financing framework of the Makilala mining project.
MIC noted that the deal underscores its capacity to mobilize private sector funding and reinforce the Philippines’ position as a viable hub for long-term foreign investment.
This move aligns with MIC’s broader strategy of active portfolio management and capital recycling. Backed by its growing investment portfolio, the state-owned corporation previously reported a net income of ₱2.36 billion and a total comprehensive income of ₱2.74 billion in 2025.