MANILA (UPDATED) — President Ferdinand Marcos Jr. has appointed Rafael Consing Jr. as president and chief executive officer of the Maharlika Investment Corp., Malacañang said on Monday.

The MIC governs and manages the Maharlika Investment Fund.

The Palace said Consing would have the following key responsibilities:

• - Establish a diversified portfolio of investments in local and global financial markets and other assets that align with the Fund's objectives
• - Manage and invest the initial and future contributions to the Fund
• - Accept and manage investment mandates aimed at increasing income for development goals
• - Develop and foster skills in finance, economics, risk mitigation, good governance, and related areas, consistent with building human resources capacity in the industry
• - Implement international best practices in investing and managing assets in line with the Santiago Principles and other globally-recognized standards of transparency and accountability

"The PCEO, appointed by the President of the Philippines for a term of three years, will ensure that MIC continues to make significant contributions to the nation's long-term economic prosperity," the Presidential Communications Office said.

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Consing is the current executive director of the Office of the Presidential Adviser for Investment and Economic Affairs (OPAIEA), "driving the timely delivery of investment projects, and providing policy recommendations to advance the President's investment and economic agenda," the Palace said.

Prior to joining government service, Consing served in the following positions:

• - Senior Vice President & Chief Financial Officer of International Container Terminal Services, Inc.
• - Managing Director roles at HSBC Hong Kong and HSBC Singapore
• - Vice President and Treasurer for Aboitiz & Co., Inc. and Aboitiz Equity Ventures, Inc.

Consing has "profound depth of experience in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development," the PCO said.

"He is also well-versed in global corporate governance and has had a successful transition from regional investment banking to senior corporate management and government advisory," it added.

Consing is a graduate of De La Salle University, Manila, and completed the Stanford University Graduate School of Business's Emerging CFO: Strategic Financial Leadership Program in 2016.

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-- 'EXCELLENT CHOICE' --

Consing's appointment was hailed as an "excellent choice" by economists, who took note of his experience even as they acknowledged his lack of a Master's degree.

"Maganda po ang kanyang performance sa kanyang kumpanya. [W]ala po siyang masters degree, pero dumaan po siya ng Stanford," Congressman Joey Salceda of Albay said.

"Kung titingnan ang kanyang performance, ang kanyang corporate experience sa ICTSI [International Container Terminal Services Inc.], halos 32 countries mayroong infrastructure projects sila… Tingin ko nasa mabuting kamay at mabuti po, it is a good choice, and excellent choice of the President," he added.

The revised implementing rules and regulations that was released on Sunday relaxed the qualifications for members of the board of directors, which initially required members to have a Master's degree.

RCBC’s chief economist Michael Ricarfort also lauded the president’s choice given Consing's "wealth of experience" in the field.

"Beterano na po siya na former international banker, tapos dati rin siyang chief finance officer ng pinakamalaking port operators sa buong mundo, iyong ICTSI, infrastructure related. Dati rin po siyang treasurer ng Aboitiz group na involved din sa infrastructure projects and business," Ricafort also said in a televised briefing.

"Kaya andoon naman po ang pagiging fit dahil may developmental aspect po ang pondo lalo na po sa various infrastructure projects. So andoon po ang expertise pagdating sa developmental side, lalo na kasi sa private sector very particular na dapat very profitable." -- With a report from Joyce Balancio, ABS-CBN News.

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