PRESIDENT Ferdinand Marcos Jr. has appointed Rafael D. Consing Jr., executive director of the Office of the Presidential Adviser for Investment and Economic Affairs (OPAIEA), as president and chief executive officer (CEO) of the Maharlika Investment Corporation (MIC).
The Presidential Communications Office (PCO) said Monday, November 13, 2023, that as OPAIEA’s executive director, Consing’s responsibilities include to drive the timely delivery of investment projects and provide policy recommendations to advance the administration’s investment and economic agenda.
It described Consing, who completed the Stanford University Graduate School of Business’s Emerging Chief Financial Officer: Strategic Financial Leadership Program in 2016, as “an accomplished, results-driven, and multi-awarded C-level executive with a profound depth of experience in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development.”
“He has demonstrated a remarkable ability to create value across economic cycles through sound strategic fiscal management. 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,” the PCO said.
Consing served as senior vice president and chief financial officer of International Container Terminal Services Inc., managing director at HSBC Hong Kong and HSBC Singapore, and vice president and treasurer for Aboitiz and Co. Inc.
The PCO said he also held positions at Bankers Trust Company and Multinational Bancorporation, “where he gained invaluable experience in investment banking, derivatives, and corporate finance.”
It said these high-profile positions showcase his wide-ranging expertise and dedication to contributing to the business and financial sectors.
“Mr. Consing is expected to play a pivotal role in enhancing the corporation’s investment strategies and contributing to the economic growth and prosperity of the Philippines,” the PCO added.
The MIC will serve as the primary vehicle for mobilizing and utilizing the Maharlika Investment Fund (MIF) for investments in transactions aimed at generating optimal returns on investments (ROIs), aimed in funding government’s broader objective of reinvigorating job creation and accelerating poverty reduction while sustaining the economy’s high growth trajectory and ensuring sustainable development.
As president and CEO of MIC, Consing will 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 in accordance with Republic Act 11954.
* 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.
Consing will also work closely with the executive management and the MIC Board, which will be composed of the secretary of Finance as chairperson in an ex-officio capacity; president and chief executive officer of the MIC as vice chairperson; president and CEO of (Land Bank of the Philippines); resident and CEO of the DBP (Development Bank of the Philippines); two regular directors with a three-year term; and three independent directors from the private sector in possessing extensive experience in corporate management, financial planning strategy, strategic planning and vision, market and business development, budget development, and a deep understanding of the industry.
Under the law, the PCEO will have a three-year term to ensure that MIC continues to make significant contributions to the nation’s long-term economic prosperity. (TPM/SunStar Philippines)