MANILA, Philippines – President Ferdinand Marcos Jr. formally swore in Rafael Consing Jr. as the president and chief executive officer of the Maharlika Investment Corporation (MIC) on Friday, November 24.

Consing will serve for three years as the head of the company managing the country’s controversial sovereign wealth fund. 

After taking his oath, Consing met with Marcos to discuss a 100-day plan for the MIC. This included talks on “the support needed to operationalize the MIC and the priority investment areas such as tourism infrastructure, agri-forestry, energy security, digital infrastructure, and financial services,” according to a press release by the Presidential Communications Office.

As the president and CEO, Consing is expected to direct and supervise the operations and internal administration of the company, along with directing its risk management, financial performance, human resources, accounting, and legal affairs, based on the duties and responsibilities in the implementing rules and regulations (IRR) establishing the MIC.

Consing is also responsible for setting up the diversified portfolio of investments making up the Maharlika Investment Fund (MIF) itself. 

The Malacañang press release specifically states that he is “responsible in managing and investing the initial and future contributions to the MIF in accordance with Republic Act No. 11954 and in accepting and managing investment mandates to increase income for development goals.”

Consing, who previously served as the executive director of the Office of the Presidential Adviser for Investment and Economic Affair, was appointed as the hand-picked head of the MIC on November 13, just days after the government finished tweaking the IRR.

Crucially, before Marcos changed the IRR, Consing would not have qualified for the PCEO position as it requires the candidate to have an advanced masters or doctorate degree from a “reputable university.” Consing does not have an advanced degree. (READ: Marcos’ Maharlika chief qualified for post only after revised appointment rules)

Consing is a graduate of De La Salle University, Manila. In 2016, he completed the Stanford University Graduate School of Business’s Emerging CFO: Strategic Financial Leadership Program, a months-long certificate course.

Prior to joining the government, he held various positions in the private sector, the last being as senior vice-president and chief financial officer of Enrique Razon’s International Container Terminal Services, Incorporated or ICTSI. He was also vice president and treasurer of the Aboitiz group, and had managing director roles at HSBC. – Rappler.com

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