Ex-ICTSI, Aboitiz exec named Maharlika president

MANILA, Philippines — President Marcos has named his adviser on economic and investment affairs as president and chief executive officer of the Maharlika Investment Corp. (MIC), which will manage the country’s first sovereign wealth fund.

Rafael Consing Jr., executive director of the Office of the Presidential Adviser for Investment and Economic Affairs, will serve as MIC president and CEO for three years.

“He is 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,” the Presidential Communications Office (PCO) said in a statement Monday.

“He has demonstrated a remarkable ability to create value across economic cycles through sound strategic fiscal management. He is also well-versed in global corporate governance and has had a successful transition from regional investment banking to senior corporate management and government advisory,” it said.

As president and CEO of the MIC, Consing is tasked to establish a diversified portfolio of investments in local and global financial markets and other assets aligned with the objectives of Republic Act 11954, which established the Maharlika Investment Fund (MIF).

He will also manage and invest the initial and future contributions to the fund in accordance with the law.

While the implementing rules and regulations (IRR) do not specify how much Consing and the rest of MIC board will earn, Finance Secretary Benjamin Diokno earlier said that compensation may likely be the same as the members of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP).

For reference, BSP executives are dominating the Commission on Audit list of highest paid government officials.

Monetary Board members are getting a net pay of around P25 million to P27 million per year.

Under Section 21 of RA 11954, the MIC Board will be composed of nine members. The secretary of finance will serve as chairperson in ex-officio capacity. Other members are the president and CEO of the MIC, who will sit as vice chair; the president and CEO of the Land Bank of the