Rafael Consing Jr
MANILA, Philippines — President Ferdinand Marcos Jr. has named Rafael Consing Jr. as president and chief executive officer (CEO) of the Maharlika Investment Corp. (MIC), the state-owned firm that will manage the country’s first-ever sovereign wealth fund.
The appointment of Consing, who is the executive director of the Office of the Presidential Adviser for Investment and Economic Affairs, was announced on Monday, two days after the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund Act (Republic Act No. 11954) was released.
Presidential Communications Secretary Cheloy Velicaria Garafil described him as an “accomplished, results-driven, and multi-awarded C-level executive with a profound depth of experience.”
Consing’s “impressive career in the private sector” ranged from roles in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development, Garafil said in a statement on Monday.
Consing will serve for three years and closely work with the MIC’s board of directors and executive management, the Palace said.
He graduated with a political science degree from De La Salle University in 1989. In 2016, he completed the Stanford University Graduate School of Business’ “Emerging CFO: Strategic Financial Leadership Program.”
Consing served as senior vice president and chief financial officer of ports and gaming tycoon Enrique Razon’s International Container Terminal Services Inc., and vice president and treasurer of Aboitiz & Co. Inc. and Aboitiz Equity Ventures Inc.
He also held managing director roles at HSBC Hong Kong and HSBC Singapore and positions at Bankers Trust Co. and Multinational Bancorporation.
‘Excellent fit’
Albay Rep. Joey Salceda on Monday welcomed the appointment of Consing, saying he was an “excellent fit” to both the financial and developmental functions of the sovereign fund.
“He is the man for the job,” Salceda stressed, citing Consing’s extensive experience in both financial management and the management of large infrastructure projects.
“Consing has extensive experience in project financing, chief of which is the $398-million Project Finance for the Victoria International Container Terminal. Consing received various awards for this project deal,” he noted.
The lawmaker added that Consing also chaired at least five companies, including the Laguna Gateway Inland Container Terminal Inc., the country’s first dry port, and was awarded many times as best CFO for investor relations which could attract investments to the Maharlika Investment Fund.
“Maharlika is at the crossroads of finance, development, and public administration. Consing has a strong background in all three areas. For this reason, I am very confident in his appointment,” he pointed out.
Red flag
However, House Deputy Minority Leader and ACT Teachers Rep. France Castro on Monday claimed that Consing’s appointment was “another red flag” on the sovereign wealth fund.
According to Castro, “It seems that the implementing rules and regulations of the Maharlika law were revised apparently to enable the appointment of Consing.”
She said that the requirement of having an advanced degree in finance and economics for the MIC president and CEO had been removed in the final IRR prior to Consing’s appointment.
Released last Saturday, the revised IRR stated that the qualifications of the president and CEO should include “exceptional experience and expertise in corporate management, financial planning strategy, strategic planning and vision, market and business development, budget development.”
The original IRR released last August required that the president and CEO must have a postgraduate degree in finance, economics, business administration, or a related field from a reputable university. This requirement was no longer found in the revised IRR.
Castro also cited Consing’s previous employment in the private sector.
She pointed out that former Aboitiz employees had been appointed to the Department of Energy and the Energy Regulatory Commission (ERC), referring to Energy Secretary Raphael Lotilla and ERC Chair Monalisa Dimalanta.
Aboitiz Group CEO Sabin Aboitiz, earlier described by the president as a longtime friend, heads the Private Sector Advisory Council.