Manila, Philippines – In a significant move towards bolstering the country’s investment capabilities, President Ferdinand R. Marcos Jr. officially swore in Rafael Consing Jr. as the president and chief executive officer of the Maharlika Investment Corporation (MIC). The formal oath-taking ceremony took place at the Study Room of the Malacañan Palace, with images of the event released by the Presidential Communications Office (PCO).
According to Philippines News Agency, following the oath-taking, Consing met with President Marcos to outline his strategic plans for the MIC during his initial 100 days as President and CEO. These plans focus on key investment areas including tourism infrastructure, agri-forestry, energy security, digital infrastructure, and financial services. Garafil highlighted Consing’s commitment to ensuring the MIC significantly contributes to the nation’s long-term economic prosperity.
Consing, appointed for a three-year term, is tasked with a broad range of responsibilities critical to the success of the MIC. His role involves establishing a diversified investment portfolio in both local and global financial markets and managing the initial and future contributions to the Maharlika Investment Fund (MIF), in compliance with Republic Act 11954, also known as the MIF Act. Additionally, Consing is responsible for managing investment mandates to augment development goals and developing expertise in various sectors, including finance, economics, and risk mitigation.
A key part of Consing’s mandate is to implement international best practices in investing and managing assets, adhering to the Santiago Principles and other globally recognized standards of transparency and accountability. The Santiago Principles, established in 2008 in Santiago, Chile, consist of 24 principles and practices endorsed by members of the International Forum of Sovereign Wealth Funds.
Consing brings a wealth of experience to his new role, having previously served as the executive director of the Office of the Presidential Adviser for Investment and Economic Affairs. His tenure in this position involved overseeing daily operations, driving investment projects, and formulating policy recommendations to support the economic agenda of President Marcos.
Educated at De La Salle University Manila, Consing also completed the Emerging CFO: Strategic Financial Leadership Program at Stanford University Graduate School of Business in 2016. His extensive background in finance and corporate management includes senior positions at International Container Terminal Services Inc., HSBC, Bankers Trust Company, Aboitiz & Co., Inc., and Multinational Investment Bancorporation.