THE COUNTRY’S wealth fund, created to boost the state’s earnings from publicly- accessed capital (state banks) to ensure economic growth, has been funding floundering firms of the rich which only assures the wealth fund of board seats while endangering people’s money.
The ATI investment would be MIC’s third major investment in two years, after a ₱4.42 billion bridge loan to Makilala Mining Co. and a ₱19.7 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.
Of late, Maharlika bailed out Emirati-owned DP World, Marcos backer Yosi Tanco, Architect Felino Palafox Jr. with the delisting of ATI (Asian Terminals Inc.).
A story from Bilyonaryo said “why give money to the rich? Consing’s use of Maharlika Fund draws fire for bailing out these people as ATI delisting comes under scrutiny.”
P8.4 BILLION TO ATI
By picking up part of tab, Maharlika Fund plans to sink P8.4 billion to get one board seat in ATI and its underachieving president/CEO Joel Consing is pitching the deal as an investment in “critical utilities” that would help the economy and build a steady, cash generating portfolio. But critics say that is the sales pitch.
Critics argue that a taxpayer-backed fund capitalized by Land Bank and Development Bank of the Philippines is being used as a convenient extra wallet for ATI’s controlling shareholders, led by UAE logistics giant DP World led by chairman and CEO Sultan Ahmed bin Sulayem, billionaire Eusebio “Yosi” Tanco, and architect and urban planner Felino “Jun” Palafox Jr. as they finally push through a long-desired plan to take ATI private via a delisting.
FREE FROM SCRUTINY
“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.
Once ATI is delisted, it will no longer be bound by Philippine Stock Exchange disclosure and governance requirements, which Bayan said would make it easier to operate with less sunlight.
“This buy-in consolidates and protects ATI’s private shareholders while shielding them from public scrutiny and accountability,” 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. Maharlika Investment Corporation plans to acquire a substantial stake of up to 11.2% 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 5.6% of the company, at ₱36 per share, or roughly ₱3.64 billion.
MIC’s target is about 200 million shares, around 11.1%, which would take the bill to as much as ₱8.4 billion, as it joins DP World, Tanco and other major holders in buying out the remaining public float.
NO SURE REVENUE
“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.
DP World, through its Australian subsidiary, owns about 17.4% 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% 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 President Marcos Jr., and his EDSA building served as Marcos’s campaign headquarters in the 2022 election.
PEOPLE’S MONEY
Other major ATI shareholders are Pecard Group Holdings of (19%) and ATI Holdings (14.6%).
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.
TROUBLING PATTERN
BAYAN also pointed to what it called a “troubling pattern” in the fund’s early deals.
“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,” said Bayan.
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.
MIC FUNDAMENTALS
“Maharlika’s investment in Asian Terminals Inc. is anchored on its mandate to deploy capital into strategic, real economy assets that are fundamental to national development,” said Neil Chua Goy, assistant vice president of MIC’s Investment Management Group.
“As a primary gateway for Philippine trade, ATI is a critical component of the country’s logistics infrastructure, with a direct linkage to GDP growth, supply chain resilience, and long-term economic security,” he added.
LASTING INTEREST
Goy said the investment would give MIC a lasting economic interest and limited governance rights in what it described as a vital national asset, while allowing ATI to remain operationally independent.
“Through this investment, MIC secures a permanent economic interest and minority governance rights in a vital national asset, while allowing ATI to preserve its operational independence,” Goy said.
He added that the proposed tender offer price was backed by an independent fairness opinion. “The offer price of ₱36.00 per share is supported by an independent fairness opinion, ensuring the transaction is undertaken on a market-validated basis,” Goy said.
According to MIC, the deal is consistent with its broader investment strategy.
“This approach reflects Maharlika’s strategy of sovereign stewardship, generating stable, long-term, cash-generative returns in support of national progress,” Goy was quoted by Bilyonaryo.