Metro Manila (CNN Philippines, November 13) —President Ferdinand Marcos Jr. has appointed Rafael D. Consing Jr. as the first president and chief executive officer of the Maharlika Investment Corporation (MIC), but an opposition lawmaker questioned the timing since it was announced after the requirements for top officials were relaxed.
The MIC governs and manages the Maharlika Investment Fund, which will be used by the government to invest in key sectors to help fund the administration’s priority programs. As president and CEO (PCEO) of MIC, Consing will direct and supervise the operations and internal administration of the corporation. He is also in charge of the risk management, financial performance, and the legal affairs of the corporation.
\”The PCEO, appointed by the President of the Philippines for a term of three years, will ensure that MIC continues to make significant contributions to the nation’s long-term economic prosperity,\” the Presidential Communications Office said in a statement on Monday.
It added that his other responsibilities are:
– Establish a diversified portfolio of investments in local and global financial markets and other assets that align with the Fund’s objectives.
– Manage and invest the initial and future contributions to the Fund in accordance with R.A. No. 11954.
– Accept and manage investment mandates aimed at increasing income for development goals.
– Develop and foster skills in finance, economics, risk mitigation, good governance, and related areas, consistent with building human resources capacity in the industry.
– Implement international best practices in investing and managing assets in line with the Santiago Principles and other globally-recognized standards of transparency and accountability.
Consing is currently serving as Executive Director of the Office of the Presidential Adviser for Investment & Economic Affairs (OPAIEA).
Malacañang also highlighted his experience in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development.
Rep. Joey Salceda, a proponent of the Maharlika bill in the House of Representatives, welcomed Consing’s appointment as he listed down the new chief’s previous experience.
\”Maharlika is at the crossroads of finance, development, and public administration. Consing has a strong background in all three areas. For this reason, I am very confident in his appointment,\” he said in a statement.
‘Red flag’
House Deputy Minority leader and ACT Teachers party-list Rep. France Castro questioned the timing of Consing’s appointment as it comes only days after the release of the revised IRR of the Maharlika Investment Fund Act, which lowered the qualifications for MIC’s top officials.
In the old IRR released in August — which was later suspended by Marcos, candidates for the position were required to have an \”advanced degree\” in finance, economics, business administration or a related field from a \”reputable university.\”
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There is no specific education requirement in the revised version.
PCO said Consing’ obtained of Bachelor of Arts in Political Science in De La Salle University in 1989 and completed the Stanford University Graduate School of Business’s Emerging CFO: Strategic Financial Leadership Program in 2016.
\”It seems that the implementing rules and regulations (IRR) of the Maharlika Investment Fund Law was revised apparently to enable the appointment of Consing,\” she said. \”Mukhang tailor-made kay Consing ang kanyang appointment.\”
[Translation: It seems like it was tailor-made for Consing.]
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