A solon from the Makabayan bloc expressed concern about Rafael Consing Jr.’s appointment as CEO of the Maharlika Investment Corporation (MIC), a leadership choice made by the president after delaying the implementation of rules and regulations of the Maharlika Investment Fund Act.

Rep. France Castro (ACT Teachers) noted in a statement that Consing’s appointment came just days after Marcos approved changes to the IRR that removed the requirement for an advanced degree for the CEO and president positions.

“It seems that the implementing rules and regulations (IRR) of the Maharlika Investment Fund Law was revised apparently to enable the appointment of Consing,” Castro said, adding that the tweaks had made the position appear “tailor-made” for him.

The revised IRR, which was released last Saturday, stated that the president and CEO should have “exceptional experience and expertise in corporate management, financial planning strategy, strategic planning and vision, market and business development, budget development.”

Castro also stated that prior to Consing’s appointment, the final IRR had eliminated the requirement for the MIC president and CEO to hold an advanced degree in finance and economics.

The original IRR issued in August required the president and CEO to have a postgraduate degree from a reputable university in finance, economics, business administration, or a related field. This requirement was removed from the revised IRR.

Accomplished, ‘results-driven’

Rafael Consing Jr. has been named president and CEO of the Maharlika Investment Corp. (MIC), the state-owned firm that will manage the country’s first sovereign wealth fund, by President Ferdinand Marcos Jr.

Two days after the revised implementing rules and regulations (IRR) of the Maharlika Investment Fund Act (Republic Act No. 11954) were made public, Consing, previously served as the executive director of the Office of the Presidential Adviser for Investment and Economic Affairs, was appointed.

Due to Consing’s “accomplished, results-driven, and multi-awarded C-level executive” background and his experience in “corporate governance, mergers and acquisitions, corporate finance, global capital markets,” among other areas, Marcos appointed him to head the MIF on Monday. This was announced in a statement from the Presidential Communications Office.

Consing had argued in favor of the updated MIF IRR because it allowed for more “flexibility” in the establishment of the audit and risk management committees.

“The Revised MIC IRR grants the Board the flexibility to determine the optimal composition, qualifications, and reporting requirements of the MIC’s Audit Committee and Risk Management Committee,” Consing said in a statement.

Consing’s private sector background “possible conflict of interest”

Castro also voiced worries about potential conflicts of interest arising from Consing’s experience in the private sector.

Consing previously served as Enrique Razon’s International Container Terminal Services Inc.’s senior vice president and chief financial officer. He also worked for the Aboitiz group as vice president and treasurer of Aboitiz & Co. Inc. and Aboitiz Equity Ventures Inc.

Consing also held managing director roles at HSBC Hong Kong and HSBC Singapore and positions at Bankers Trust Co. and Multinational Bancorporation.

“Other former employees of the Aboitiz group are now the top executives of the Department of Energy (DOE) and the Energy Regulatory Commission (ERC), while Razon’s energy ventures are growing exponentially under the Marcos Jr. administration with the acquisition of the Malampaya Natural Gas platform and the comtrol of the Central Negros Electric Cooperative,” Castro said.

“We cannot blame people from thinking that with another one of their former employees heading the Maharlika Investment Corporation (MIC) their business ventures would again be favored,” she added.

In a statement released on Monday by Presidential Communications Secretary Cheloy Velicaria Garafil, Consing’s “impressive career in the private sector” included roles in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development.

Consing will serve for three years and will work closely with the MIC’s board of directors and executive management, according to the Palace.

Photo: Presidential Communications Office