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Consing, ex-ICTSI, Aboitiz exec named Maharlika president
By Nidz Godino

MIC PRESIDENT AND CEO RAFAEL CONSING JR.
āHe is an accomplished, results-driven and multi-awarded C-level executive with profound depth of experience in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations and business strategy development,ā Presidential Communications Office (PCO) said in a statement President Ferdinand Marcos Jr. has named his adviser on economic and investment affairs as president and chief executive officer of Maharlika Investment Corp. (MIC), will manage countryās first sovereign wealth fund.
Rafael Consing Jr., executive director of Office of the Presidential Adviser for Investment and Economic Affairs, will serve as MIC president and CEO for three years.
āHe has demonstrated remarkable ability to create value across economic cycles through sound strategic fiscal managementā¦he is also well-versed in global corporate governance and has had successful transition from regional investment banking to senior corporate management and government advisory,ā PCO said.
As president and CEO of MIC, Consing is tasked to establish adiversified portfolio of investments in local and global financial markets and other assets aligned with objectives of Republic Act 11954, established Maharlika Investment Fund (MIF).
He will also manage and invest initial and future contributions to fund in accordance with law.
While implementing rules and regulations (IRR) do not specify how much Consing and rest of MIC board will earn, Finance Secretary Benjamin Diokno earlier said compensation may likely be same as members of Monetary Board of Bangko Sentral ng Pilipinas (BSP).
For reference, BSP executives are dominating Commission on Audit list of highest paid government officials.
Monetary Board members are getting net pay of around P25 million to P27 million per year.
Under Section 21 of RA 11954, MIC Board will be composed of nine members. Secretary of finance will serve as chairperson in ex-officio capacity. Other members are president and CEO of MIC, sit as vice chair; president and CEO of the Land Bank of the Philippines; president and CEO of Development Bank of the Philippines; two regular directors and three independent directors from private sector.
Consing previously served as senior vice president and chief financial officer of Razon-led International Container Terminal Services Inc.
He also held managing director roles at HSBC Hong Kong and HSBC Singapore, āwhere he led debt financing teams and achieved notable success in global debt capital market, Asian currency debt products and sovereign Sukuk Al-Ijara Money Market Programs,ā PCO said.
Consing served as vice president and treasurer for Aboitiz & Co. Inc. and Aboitiz Equity Ventures.
He also held positions at Bankers Trust Co. and Multinational Bancorporation, āwhere he gained invaluable experience in investment banking, derivatives and corporate finance,ā PCO said.
Consing has political science degree from De La Salle University in Manila. He completed Stanford University Graduate School of Businessās Emerging CFO: Strategic Financial Leadership Program in 2016.
Economic team of Marcos administration maintained revised IRR of MIF are within bounds of law, with both Department of Finance and Department of Budget and Management expressing full support.
Diokno emphasized finalization of IRR came at time local and international investors have expressed interest in MIF.
āEnhancements introduced by IRR are all within bounds of law, meant to give full meaning to establishment of strong corporate governance structure,ā Diokno said.
It should be noted revised IRR effectively gave FMJ upper hand to choose MICās top officials while same time easing some of their qualifications.
Revised IRR also removed additional qualifications of regular and independent directors, particularly in terms of education, professional experience, track record and ethical standards.
On the other hand, Budget Secretary Amenah Pangandaman noted MIC will have freedom to oversee fund without undue political interventions that will impede its fulfillment of functions.
āMIC Board have liberty and flexibility to fulfill its mandate and explore beneficial investment opportunities while adhering faithfully to letter of law and ensuring high-impact investments in line with countryās socioeconomic development policies and programs,ā Pangandaman said.
Both Diokno and Pangandaman expressed confidence fund will be operational by yearend as originally scheduled.
MIC has an authorized capital stock of $8.9 billion. Private and state-owned financial institutions can make direct investments in MIFās sub-funds, offer specific investment strategies.
Final version of IRR governing MIC is guarantee fund will have its āultimate safeguardā from anomalies that may be committed by members of board, Senior Deputy Speaker Aurelio Gonzales Jr. said.
āThis step ensures board of directors can operate in manner best serves interests of corporation and its stakeholders, free from any undue political pressures, IRRs, approved by no less than FMJ, are testament to commitment to reinforce governance structure of MIC, ensuring board of directors possesses necessary freedom to administer fund without external interference,ā Gonzales said.
House ways and means committee Rep. Joey Salceda reiterated contrary to criticsā claim, efforts to fine-tune MIC have always been aimed at ārecruiting President thinks can run MIF best.ā
āMost important change here is that the President can now require Advisory Body to submit additional names if he sees that to be necessary,ā he said.
āConsidering nominees still have to pass all necessary qualifications set by Advisory Body, that actually widens net we cast for appointees to lead MIF⦠almost entire point of revision,ā Salceda stated.
He also commended designation of Consing as president and CEO of MIC, citing his āextensive experience in both financial management and management of large infrastructure projects.ā
āHe is an excellent fit for both financial and developmental functions of Fund⦠man for the job⦠Consing has extensive experience in project financing, chief of $398-million Project Finance for Victoria International Container Terminal,ā Salceda concluded.










