OATH-TAKING. President Ferdinand R. Marcos Jr. swears in Rafael Consing Jr. as the president and chief executive officer of the Maharlika Investment Corporation (MIC) in a ceremony at the Study Room of the Malacañan Palace in Manila on Friday (Nov. 24, 2023). After the oath-taking ceremony, Consing discussed with Marcos his plans for the MIC in his first 100 days. (Photo courtesy of the Presidential Communications Office)
MANILA — President Ferdinand R. Marcos Jr. on Friday administered the oath of office to Rafael Consing Jr. as president and chief executive officer of the Maharlika Investment Corporation (MIC).
The oath-taking ceremony was held at the Study Room of the Malacañan Palace in Manila, based on the photos from the Presidential Communications Office (PCO).
After taking his oath, Consing presented to Marcos his plans for the MIC in his first 100 days, PCO Secretary Cheloy Garafil said in a statement.
“Shortly after the oath-taking ceremony, Consing sat in a meeting with President Marcos at the Malacañan Palace where he discussed his plans for the MIC for the first 100 days as the President and CEO of the first-ever sovereign wealth fund,” Garafil said.
“The topics discussed include the support needed to operationalize the MIC and the priority investment areas such as tourism infrastructure; agri-forestry; energy security; digital infrastructure; and financial services,” she added.
Garafil said Consing, as MIC president and CEO for three years, “will ensure that MIC continues to make significant contributions to the nation’s long-term economic prosperity.”
“Consing is an accomplished, results-driven and multi-awarded C-level executive with profound depth of experience in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development,” she said.
As MIC President and CEO, Consing is responsible in establishing a diversified portfolio of investments in local and global financial markets and other assets aligned with the objectives of the Maharlika Investment Fund (MIF).
Consing is also tasked to manage and invest the initial and future contributions to the MIF, in accordance with Republic Act 11954 or the MIF Act, as well as accept and manage investment mandates to increase income for development goals.
He is in charge of developing and fostering skills in finance, economics, risk mitigation, good governance, and related areas consistent with building human resources capacity in the industry.
He is designated to 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 Santiago Principles are 24 generally accepted principles and practices voluntarily endorsed by International Forum of Sovereign Wealth Funds members, the preliminary agreement of which were reached in Santiago, Chile in 2008.
Consing would also work closely with the executive management and the Board, processing extensive experience in corporate management, financial planning strategy, strategic planning and vision, market and business development, budget development and deep understanding of the industry.
Consing served as the executive director of the Office of the Presidential Adviser for Investment & Economic Affairs from Jan. to Nov , tasked to oversee the agency's daily operations, drive the timely delivery of investment projects, and provide policy recommendations to advance Marcos’economic agenda.
Consing is a graduate of De La Salle University Manila and completed the Stanford University Graduate School of Business’ Emerging CFO: Strategic Financial Leadership Program in 2016.
He also worked as senior vice president and chief financial officer of the International Container Terminal Services Inc.; HSBC managing director; Bankers Trust Company vice president; Aboitiz & Co., Inc. vice president and treasurer; and Multinational Investment Bancorportation vice president. (PNA)
