Marcos swears in Consing as head of Maharlika Investment Corp.
MANILA, Philippines: President Ferdinand Marcos Jr. on Friday swore in Rafael Consing as president and chief executive officer (CEO) of the Maharlika Investment Corporation (MIC).
Consing, former executive director of the Office of the Presidential Adviser for Investment and Economic Affairs (OPAIEA), will have a term of three years as MIC president and CEO, Presidential Communications Secretary Cheloy Garafil said in a statement.
«Shortly after the oath taking ceremony, Consing sat in a meeting with President Marcos at the Malacañan Palace where he discussed his plans for the MIC for the first 100 days as the President and CEO of the first-ever sovereign wealth fund.,» Garafil said in a statement.
«The topics discussed include 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,» she added.
As MIC president and CEO, Consing is responsible for establishing a diversified portfolio of investments in local and global financial markets and other assets aligned with the objectives of the Maharlika Investment Fund (MIF).
He is also responsible in managing and investing the initial and future contributions to the MIF in accordance with Republic Act 11954 and in accepting and managing investment mandates to increase income for development goals.
The MIC will serve as the primary vehicle for mobilizing and utilizing the Maharlika Investment Fund in transactions aimed at generating optimal returns on investments.
Consing is also responsible in developing and fostering skills in finance, economics, risk mitigation, good governance, and related areas consistent with building human resources capacity in the industry; and in implementing international best practices in investing and managing assets in line with the Santiago Principles and other globally-recognized standards of transparency and accountability.
He shall also work closely with the executive management and the Board, processing extensive experience in corporate management, financial planning strategy, strategic planning and vision, market and business development, budget development
