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Is Maharlika’s buy-in into NGCP strategic?
Manila Bulletin
|January 8, 2026
Beginning with pure profit intent, the controversial Maharlika investment fund has metamorphosed into a “deemed national development tool,” with income now a secondary goal.
This was said by Stephen CuUnjieng, investment banker and chairman of Maharlika’s investment committee, during a recent Financial Executives Institute of the Philippines (FINEX) forum.Thus, moving away from its original gung-ho profit forecasts, Maharlika fund—capitalized at 2127 billion from Land Bank of the Philippines (Landbank), Development Bank of the Philippines (DBP), and Philippine Amusement and Gaming Corp. (Pagcor) government dividends—now carries a “transformative, with multiplier positive effect” orientation. It is currently targeting a modest annual 10-percent return on equity or ROE (nominal, not leveraged).
Does this change in orientation make Maharlika content with a less-than-one-percent ROE for 2025? From a portfolio perspective, it appears appeased.
Cette histoire est tirée de l'édition January 8, 2026 de Manila Bulletin.
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