The appointment of Maharlika Investment Corp’s president and CEO comes after the release of the revised implementing rules and regulations of the Maharlika Investment Fund Act.

Having chaired at least five companies in his career, Rafael Consing Jr. has been named the president and CEO of Maharlika Investment Corp (MIC). The MIC is “the state-owned firm that will manage the country’s first-ever sovereign wealth fund,” according to a report from the Philippine Inquirer. 

Reports express Consing’s impressive career in the private sector. “[He is] an accomplished, results-driven, and multi-awarded C-level executive with a profound depth of experience,” Presidential Communications Secretary Cheloy Velicaria Garafil said in a statement.

Consing’s appointment has been welcomed by Albay Rep. Joey Salceda, who called him “an excellent fit.” The lawmaker even said that the Consing “is the man for the job.”

Who is Rafael Consing Jr.?

A graduate of De La Salle University with a degree in political science, Consing went on to complete the Stanford University Graduate School of Business Emerging CFO: Strategic Financial Leadership Program.

Positions he held in his career include Managing Director roles at HSBC Hong Kong and HSBC Singapore. He likewise held positions at Bankers Trust Co. and Multinational Bancorporation. 

Aside from this, Consing served as the Senior Vice President and Chief Financial Officer of Enrique Razon’s International Container Terminal Services Inc. He also became the Vice President and Treasurer of Aboitiz & Co. Inc. and Aboitiz Equity Ventures Inc.

Prior to his appointment as president and CEO of MIC, he was the Executive Director of the Office of the Presidential Adviser for Investment and Economic Affairs.

What is the Maharlika Investment Fund?

Created under the Republic Act (RA) No. 11954, the MIC is described as “the primary vehicle for mobilizing and utilizing the Maharlika Investment Fund (MIF) for investments in transactions aimed at generating optimal returns on investments (ROIs).” And with the appointment of Consing as President and CEO, the implementation of the Maharlika Investment Fund is in full swing.

“This strategic move is integral to the government’s broader objective of reinvigorating job creation and accelerating poverty reduction while sustaining the economy’s high growth trajectory and ensuring sustainable development,” a press release from The Office of the President expresses.

Under Consing’s leadership, the MIC will govern and manage the Fund “in accordance with the objectives and purposes outlined in R.A. No. 11954, as well as other relevant laws, rules, and regulations.”

While it has been a source of controversy since the idea was first introduced by the government, it remains to be seen if it will be a successful government venture. As the public waits to see how the sovereign wealth fund will affect the country, it is important for the government to always be transparent regarding transactions.

On the part of the public, it is important to always engage with the government and be updated regarding the fund to see whether or not it is being used properly.