President Ferdinand R. Marcos Jr. of the Philippines has appointed Rafael Consing Jr. as the President and Chief Executive Officer (CEO) of the Maharlika Investment Corporation (MIC).
According to Philippines News agency, an announcement made by the Presidential Communications Office (PCO) on Monday. In a statement from the PCO, Consing is expected to significantly contribute to the corporation's investment strategies and support the economic growth and prosperity of the Philippines. The MIC, functioning under the Maharlika Investment Fund (MIF), plays a crucial role in mobilizing and utilizing funds for investments that aim to generate optimal returns on investments (ROIs). The corporation is responsible for managing the Fund in accordance with the objectives and purposes defined in Republic Act No. 11954, or the MIF Act, and adhering to relevant laws, rules, and regulations.
Consing's role as President and CEO of MIC entails establishing a diversified portfolio of investments in both local and global financial markets and other assets aligned with the Fund's objectives. He is also responsible for managing the initial and future contributions to the Fund and accepting and managing investment mandates aimed at increasing income for development goals. In line with his appointment, Consing will develop skills in finance, economics, risk mitigation, good governance, and related areas, consistent with enhancing human resources capacity in the industry. He is also tasked with implementing international best practices in investing and managing assets.
Consing, who is also serving as the Executive Director of the Office of the Presidential Adviser for Investment and Economic Affairs (OPAIEA) under the Marcos administration, brings a wealth of experience to the role. His background includes corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development. Before joining the government, he held key positions in various financial and corporate institutions, including International Container Terminal Services, Inc., HSBC Hong Kong and Singapore, Aboitiz and Co., Inc., and others. He is a graduate of De La Salle University and has completed a program at Stanford University Graduate School of Business.
Appointed by President Marcos for a three-year term, Consing is charged with ensuring that MIC continues to significantly contribute to the nation's long-term economic prosperity.