President Ferdinand R. Marcos, Jr. has appointed Office of the Presidential Adviser for Investment & Economic Affairs (OPAIEA) Executive Director Rafael D. Consing Jr. as the first head of the Maharlika Investment Corporation (MIC).
With his new designation, Consing now serves as the President and Chief Executive Officer (PCEO) of the corporation, which will manage and invest the Maharlika Investment Fund (MIF) in line with international best practices such as the Santiago Principles. He will have a three-year term and will be responsible for diversifying the portfolio of the country’s first sovereign wealth fund.
Malacañang described Consing as an “accomplished, results-driven, and multi-awarded C-level executive with a profound depth of experience in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development.”
While serving at the OPAIEA, he provided the President advice on investments and economic agenda. Prior to joining the government, he worked in high-profile positions in the following companies: Senior Vice President & Chief Financial Officer of International Container Terminal Services, Inc.; Managing Director roles at HSBC Hong Kong and HSBC Singapore; and Vice President and Treasurer for Aboitiz & Co., Inc. and Aboitiz Equity Ventures, Inc. among others.
Consing was a graduate of De La Salle University, Manila, and has also completed the Stanford University Graduate School of Business’s Emerging CFO: Strategic Financial Leadership Program in 2016.The Palace made the announcement last Monday a week after Marcos approved the revision in the Implementing Rules and Regulation (IRR) of Republic Act No. 11954 or the Maharlika Investment Fund of 2023.
The updated IRR provides the President the power to accept or reject recommended appointees in the MIC.It also removed the following requirements for members of the MIC board of directors: master’s degree; 10 years of experience in finance, investments or economics; strong track record; and ethical standards.
Government economic managers earlier reiterated the MIF is expected to become operational before the end of the year.