INVESTMENT FUND | Marcos names Maharlika Fund board CEO, critics hit revised IRR of controversial law

November 13, 2023 , 12:54 PM

By Beatrice Puente

(November 13, 2023) – President Bongbong Marcos Jr. on Monday named Rafael Consing Jr. as the president and chief executive officer of the Maharlika Investment Corporation (MIC), the body tasked to spearhead the management of the controversial Maharlika Investment Fund (MIF).

Consing is the executive director of the Office of the Presidential Adviser for Investment and Economic Affairs (OPAIEA).

“He has demonstrated a remarkable ability to create value across economic cycles through sound strategic fiscal management,” read a statement of the Presidential Communications Office, touting Consing’s understanding of “global corporate governance” due to his decades-long experience in the field.

His appointment came two days after the Malacañang released the revised implementing rules and regulations (IRR) of the MIF Law.

ACT Teachers Rep. France Castro sounded the alarm over the “dangerous provisions” of the revised file, stressing that the reduction of specific responsibilities for the audit and risk management committees, among other changes, might make the MIF more susceptible to hazards.

“The removal of crucial safeguards and qualifications in the revised IRR raises doubts about the potential for political interference and the absence of checks and balances,” said Castro in a statement.

Under the revised IRR, the MIC board of directors can decide what the audit and risk management panel shall do.

MIC board members, on the other hand, will be nominated by an advisory body to the president, who shall then decide whether to accept or reject the individuals shortlisted for the available positions.

Castro lambasted the “increased authority” of the president in choosing who will be part of the MIC board of directors, citing concerns about “independence and integrity.” She urged Marcos to address these persisting concerns because the government must be accountable to the public.

“The Filipino people deserve transparency, accountability, and the protection of their hard-earned funds,” said Castro, reiterating their call for the junking of the MIF. “We will still vigilantly monitor the developments surrounding the (MIF) and advocate for the best interests of the people.”

Despite the criticisms raised against the revised IRR, several Cabinet officials and allies of Marcos welcomed the recent development since they believe that the revised IRR would provide “liberty and flexibility” for the MIC to perform its tasks under the law.

Department of Budget and Management secretary Amenah Pangandaman was positive that the issuance of the revised IRR would allow the MIF to be operational by the end of the year and benefit the economy.

Similarly, the Department of Budget and Management and the OPAEIA issued statements expressing their support for the revised IRR, noting that the MIC will prioritize the interests of the public and the fund’s investors.

“Its (the IRR’s) finalization comes at an opportune time as investors, both local and international, have signified in several investor promotion engagements their robust interest in the country’s first-ever sovereign wealth fund,” said the DOF.

(PM)

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