Senate committee chair on trade, commerce, and entrepreneurship Senator Mark Villar expressed his support and is in favor of the newly-appointed president and chief executive officer (CEO) of the Maharlika Investment Corporation (MIC) Rafael D. Consing Jr.
“Happy ako na meron na tayong chairman para makapagsimula na tayo sa Maharlika Fund. Ito ay makakatulong sa ating ekonomiya para dumami ang investments natin lalo na sa ating imprastraktura. Excited ako na ngayon, lalong-lalo na magiging operational na ang Maharlika Fund (I am happy that we now have a chairman so we can start the Maharlika Fund. This will help our economy to elevate our investments especially in our infrastructure. I am excited now, especially that the Maharlika Fund will be operational)” the senator, who is also the Senate committee chair on banks, financial institutions and currencies, said in a media roundtable discussion during the National Cacao Congress, held at SMX Convention Center in SM Lanang, Davao City on November 16.
Villar also affirmed his support for the revised and the relaxation of the implementing rules and regulations (IRR) of the Maharlika Fund which was released on November 10.
“Supportive naman ako kay president kase syempre pinag-aralan naman nila yun at natutuwa naman ako na na-implement na ang nasabing batas (I am supportive of the president because of course, they studied [the changes] and I am happy that the law has been implemented) he added.
Based on the original IRR, to be appointed as MIC’s president and CEO, a nominated official should earn an advanced degree or a masters or PhD in finance, economics, business, or a related field. It was also listed in its original requirements that certain candidates must be a certified public accountant (CPA), a financial analyst, and have at least 10 years of management experience.
If the IRR had not been tweaked, Consing would not have been eligible for the position since he lacked the necessary academic qualifications despite a plethora of financial and asset management experience.
Consing only earned his bachelor's degree in political science in 1989 from De la Salle University. His highest level of educational attainment was an executive education course at Stanford University — a strategic financial leadership program designed specifically for chief financial officers — in 2016. The costly three-month course is offered by Stanford for $27,500, or almost P1.5 million.
To recall, the well-decorated and seasoned corporate finance expert was appointed by President Ferdinand “Bongbong” Marcos last November 13.
The Malacañang Palace then described the official as an individual “accomplished and results-driven” with a “profound depth of experience” in the realm of corporate finance. DEF