Senator Mark Villar seeks probe on Maharlika's over P3.6 billion investment into port operator ATI

Senator Mark Villar filed Senate Resolution No. 334, seeking an investigation into the Maharlika Investment Corporation's (MIC) over P3.6 billion investment into port operator and developer Asian Terminals Incorporated (ATI).

As the sponsor of the law creating the state investment fund, Villar expressed concerns regarding the MIC's management of sovereign wealth sourced from institutions like the Land Bank of the Philippines and the Development Bank of the Philippines. 

Specifically, Villar's resolution calls for an investigation into the MIC’s purchase of over 101 million shares in ATI for ₱3.64 billion.

According to the senator, the investment faces criticism for allegedly using public funds to benefit private shareholders as ATI prepares to delist from the Philippine Stock Exchange. 

"The investment has drawn criticism for effectively using public funds to benefit private shareholders without affording the MIC meaningful control or influence over operations," Villar said.

Concerns were also raised regarding ATI’s affiliation with a Dubai-based logistics firm whose leadership has been linked to Jeffrey Epstein.

Villar emphasized that while the MIC requires flexibility in its investment strategies, it must remain transparent and efficient in managing public funds for the public benefit. 

"While the MIC must be given certain leeway to execute its investment strategies, the State must not shirk away from its duty to ensure that public funds are being managed to redound to the public benefit in a transparent and efficient manner," he said.

The MIC stated on February 3 that the investment supports economic development and noted ATI's consistent dividend history.

-Paraluman News