Rafael Consing Jr Biography
Philippine President Ferdinand R. Marcos Jr has appointed Rafael D. Consing Jr as president and chief executive officer of Maharlika Investment Corp, the Southeast Asian country’s first-ever sovereign wealth fund.
According to a statement issued by the Presidential Communications Office, Consing is currently executive director of the Office of the Presidential Adviser for Investment and Economic Affairs. Before that, he held top posts in the private sector, including managing director of HSBC Hong Kong and HSBC Singapore, and chief financial officer of International Container Terminal Services, a port operator based in Manila.
“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 November 13 statement says.
The appointment comes two days after a rule governing the hiring of Maharlika Investment’s top officials was revised to grant the Philippines’ president powers to accept or reject an advisory board’s nomination.
According to the November 11 statement from the Presidential Communications Office, the move is to ensure that the fund is “insulated from political influence”.
It quotes Rosalia De Leon, a member of a group that reviews Maharlika Investment’s rules and regulations, as saying that the rule was changed to give more independence to the board in determining the specific qualifications of the other officers “in order to carry out its mandate to efficiently manage the sovereign wealth fund”.