AFTER THE CONSUMMATION of what economic pundits candidly referred to as a “bailout” in the guise of investment, the head of the government agency from where funds were drawn, got himself a seat in the Asian Terminal Inc.
In a news report released by the Philippine News Agency, Maharlika Investment Corp. (MIC) President and Chief executive Officer Rafael Jose Consing Jr. earned a board seat, which would not only augment his mind-boggling income but add prestige to his image.
MIC, which was created by law and fully-funded by the government through state Bangko Sentral, the Philippine Amusement and Gaming Corporation (Pagcor), and state-held pension funds, issued a confirmation that Consing was elected by shareholders during the most recent board meeting.
Interestingly, there are existing laws covering “conflict of interest governing government agencies and instrumentalities.”
LOOKING BACK
The PH Insider previously reported Consing’s plan to spend P2.9 to P8 billion to acquire stakes in ATI. This move, critics said, effectively bails out Emirati-owned DP World and benefitting wealthy stakeholders including Marcos crony, Yosi Tanco, rather than funding new national infrastructure, according to a report of Bilyonaryo.
MIC’s investment in ATI coincided with its voluntary delisting from the Philippine Stock Exchange, a process that has come under scrutiny for potentially- disadvantaged minority stakeholders.
Opponents like urban planner Felino Palafox Jr. and various business groups questioned why a state sovereign fund is being used to buy into a mature, profitable private utility instead of pioneering greenfield projects.
Though MIC defended the move as “sovereign stewardship” of a strategic port asset, detractors view it as a misuse of public funds to favor politically-connected elites and foreign corporations, Bilyonaryo stated.
The deal, they said, reignited fears of Maharlika Fund’s lack of transparency with observers calling for closer investigation into the valuation of the tender offer and the strategic need for the buyout.
Once ATI is delisted, it will no longer be bound by Philippine Stock Exchange disclosure and governance requirements, making it easier to operate with less sunlight, Bayan said.
ATI SHAREHOLDERS
The biggest shareholders are: DP World Australia (POAL) Pty. Ltd., ATI Holdings, Inc., Pecard Group Holdings Inc., and the Philippine Seaport Inc, with significant stakes from entities like DP World and local groups though recent filings show firms like Thunder Fze and others. MIC plans to acquire a substantial stake of up to 11.2 percent of ATI, as reported in December 2025 for strategic investment.
ATI disclosures show MIC will launch a tender offer for 101.189 million shares, about percent of the company, at P36 per share, or roughly P3.64 billion.
MIC’s target is about 200 million shares, around 11.1 percent, which would take the bill to as much as P8.4 billion, as it joins DP World, Tanco and other major holders in buying out the remaining public float.
“MIC will plunk in P3.6 billion in public funds in a private company in which it will have no controlling stake, no role in operations, nor guaranteed income at a time when the government is cutting back ayuda for the poor, it is giving money to the rich,” Bayan lamented.
PLANNED TRANSITION
PNA’s report, quoting a press release of MIC, said Consing’s assumption to the Board will proceed upon the completion of key transaction and regulatory steps associated with ATI’s planned transition to private ownership.
These include successful completion of the tender offer for ATI’s public float shares, the completion of ATI’s voluntary delisting from the Philippine Stock Exchange (PSE), and the approval by the Securities and Exchange Commission (SEC) of the amendment of ATI’s articles of incorporation to allow for a ninth board seat.
Consing brings over 20 years of experience in infrastructure finance, capital markets and corporate leadership.
He has previously held senior executive roles in a major global port operator where he oversaw treasury, funding strategy and investor relations, and now heads MIC’s mandate to deploy long-term capital into high-impact sectors critical to national development, the press release hailed.
LONG-TERM GROWTH
MIC’s participation through the planned tender offer reflects its focus on investing in critical infrastructure that underpins national economic development. Ports play a central role in strengthening trade efficiency, enhancing supply chain resilience and supporting long-term competitiveness.
“One of Maharlika’s key pillars is in transportation and logistics infrastructure,” Consing explained.
“Ports are the economic arteries of our nation. They are the pulse of our trade, moving the goods and ideas that fuel our growth and connecting the lives of every Filipino to the rest of the world,” he added.
ATI serves as a profitable, cash-generative port infrastructure operator with a strong balance sheet and a consistent dividend history. It operates a high-barrier asset that is critical to Philippine logistics and inextricably linked to GDP growth. So why sink in public funds to a profitable company, Bayan earlier lamented.
“This investment allows Maharlika to participate in the modernization of critical logistics infrastructure that directly supports trade, lowers costs for businesses, and improves competitiveness across the Philippine economy,” Consing concluded.
TENDER FRAMEWORK
MIC’s tender offer price of P36 represents a 49 percent premium over ATI’s one-year volume-weighted share price as of December 12, 2025, falling within the valuation range provided in an independent Fairness Opinion by a third-party financial institution, Multinational Investment Bancorporation (MIB) Capital, a Makati-based financial services firm specializing in investment banking, securities underwriting, and advisory services, was supposed to have said.
The tender offer process is intended to provide ATI’s public shareholders with a transparent and regulated opportunity to realize value as the company transitions to a private ownership structure, in accordance with applicable PSE and SEC rules.
To recall, MIC had invested in Asian Terminals, National Grid Corp., Makilala Mining and bailing out foreign interests of the Emirates DP World, a country far wealthier than ours – which are highly-capitalized and better left in the hands and resources of foreign investors, rather than the struggling MIC.
ATI investment is MIC’s third major investment in two years, after a P4.42 billion bridge loan to Makilala Mining Co. and a P19.7 billion investment in the National Grid Corporation of the Philippines, both privately-owned.
Its investments in shaky businesses is in exchange for shares of stocks and board seats that would benefit the shareholders of such companies and those of the Maharlika Fund.
NOT FOR THE PEOPLE
“This is not an investment for the people. This is a bailout for private corporations at the expense of taxpayers,” said Bagong Alyansang Makabayan (Bayan) as it urged Congress and the public to scrutinize MIC’s investment in ATI.
Bayan said the fixed-price tender offer mainly rewards the private owners while shifting risk to the public.
DP World, through its Australian subsidiary, owns about 17.4 percent of ATI. DP World is a Dubai-based global ports and logistics group with about $20 billion in revenue and $49.7 billion in assets in 2024.
Tanco, who owns about 32.3 percent of ATI, is listed among the Filipino billionaires with an estimated net worth of $1.1 billion, buoyed by the surge of online gaming firm DigiPlus, where he serves as chairman.
Tanco is a campaign backer and close associate of the sitting president and his EDSA building served as Marcos’s campaign headquarters in the 2022 election.
Other major ATI shareholders are Pecard Group Holdings (19%) and ATI Holdings (14.6%).
TROUBLING PATTERN
For critics, the question is simple. If ATI’s biggest owners have the cash and the clout, why is Maharlika being asked to show up with the people’s money.
ATI manages and operates the Manila South Harbor, the Manila Inland Clearance Depot, Port of Batangas, Batangas Supply Base, and Tanza Barge Terminal. It also owns 35.71 percent of South Cotabato Integrated Port Services Inc., which operates the Makar Wharf in General Santos City.
Such a scheme is a “troubling pattern” in the fund’s early deals, according to Bayan — “From being touted as a vehicle for national development, the Maharlika Investment Fund is now exposed as a vehicle for subsidizing privatization, lining private pockets with public funds.”
ZERO GUARANTEE
Bayan questioned why billions of pesos are being channeled into private deals without clear guarantees of returns, especially as the government trims some social spending and poverty remains a major problem.
MIC responded by saying that the proposed stake in ATI reflects its focus on the “real economy,” noting that the port operator plays a central role in Philippine trade and logistics.
Of late, Consing said MIC would look at investing in agribusiness firms, especially those into export-oriented products, within the first semester of 2026. Still not even close to the list of sectors requiring urgent financial support from the government.