MIC reports P2.68B net income in first year, partners with ACWA Power for renewable energy projects

Maharlika Investment Corp. (MIC) reported a net income of P2.68 billion in its first year of operation in 2024.

The sovereign wealth fund generated revenues of P2.77 billion with expenses totaling P93 million, ending the year with total assets of P127.2 billion and strong equity of P126.6 billion.

MIC has partnered with ACWA Power to explore renewable energy ventures in underserved island communities, aiming to leverage global expertise for sustainable electricity solutions.

Stephen CuUnjieng, a veteran investment banker, was appointed as an independent director and chairperson of MIC's investment committee to help shape the fund's growth strategies.

CuUnjieng will be responsible for reviewing investment proposals, overseeing portfolio performance, and managing risks to ensure optimal returns within defined risk parameters.