Manila, Philippines – The formation of the Maharlika Investment Corp. (MIC) is anticipated to occur this November, with Rafael Jose ‘Joel’ Consing slated to lead as its president and chief executive officer (CEO). This was confirmed by the chairperson of the House Ways and Means Committee during the Bagong Pilipinas Ngayon briefing.
According to Philippines News Agency, the MIC is set to manage the Maharlika Investment Fund (MIF) and could be organized within the month. Salceda detailed that the MIC’s immediate task is to govern and manage the MIF, with plans for the organization to register with the Securities and Exchange Commission (SEC). Once registered, the MIC will have authorized capitalization as specified by law. The MIC is envisioned as the primary entity for mobilizing and utilizing the MIF for investments, focusing on generating optimal returns on investments (ROIs). Salceda projects the MIC to make its first investment by February or March next year.
Highlighting Consing’s suitability for the role, Salceda described him as an excellent fit for the position given his vast experience in financial management and large infrastructure project management. Consing’s notable achievements include leading the USD398 million Project Finance for Victoria International Container Terminal, which earned him various awards. He also chaired multiple companies, including the Laguna Gateway Inland Container Terminal, Inc., the Philippines’ first dry port.
Consing’s academic background in public governance, with a BA in Political Science from De La Salle University, further strengthens his credentials for the role. Salceda expressed strong confidence in Consing’s appointment, citing his extensive experience in finance, development, and public administration.
The Presidential Communications Office (PCO) elaborated on Consing’s responsibilities as president and CEO of MIC. These include establishing a diversified portfolio of investments in local and global financial markets and other assets, managing and investing the Fund’s initial and future contributions, and handling investment mandates to increase income for development goals.