The chairperson of the House Ways and Means Committee on Monday said the organization of the Maharlika Investment Corp. (MIC) is expected this November, especially with Rafael Jose “Joel” Consing as an “excellent choice” for the job of president and chief executive officer (CEO).
During the Bagong Pilipinas Ngayon briefing, Albay Rep. Joey Salceda said the MIC could be organized this month to govern and manage the Maharlika Investment Fund (MIF).
“So sa ngayon pong November, sa tingin ko mukhang kaya na pong ma-organize ng MIC. Ito po iyong magmamanage ng MIF, iyong MIC po ay iyong Maharlika Investment Corporation… I think they (will) still be required to register with SEC (Securities and Exchange Commission) at magkakaroon na po sila noong kanilang authorized capitalization na nasa batas (So this November, I think they could already organize the MIC. The MIC, or the Maharlika Investment Corporation, will be managing the MIF. I think they will still be required to register with SEC and from there, they would have an authorized capitalization according to the law),” he said.
Salceda said he expects the MIC to make its first investment by February or March next year.
The MIC serves as the primary vehicle for mobilizing and utilizing the MIF for investments in transactions aimed at generating optimal returns on investments (ROIs).
Salceda said Consing is an “excellent fit” as president and CEO of the MIC given his extensive experience in both financial management and management of large infrastructure projects.
“In that sense, he is an excellent fit for both the financial and the developmental functions of the Fund. He is the man for the job,” he added.
Salceda said Consing has extensive experience in project financing, chief of which is the USD398 million Project Finance for Victoria International Container Terminal, adding he received various awards for this project deal.
Consing, he said, was also chair of at least five companies, including the Laguna Gateway Inland Container Terminal, Inc., the country’s first dry port.
Consing also comes with an academic background in public governance, having graduated BA Political Science from De La Salle University, Salceda said.
“Maharlika is at the crossroads of finance, development, and public administration. Consing has a strong background in all three areas. For this reason, I am very confident in his appointment,” he added.
The Presidential Communications Office (PCO) said as president and CEO of MIC, Consing is tasked to 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; and accept and manage investment mandates aimed at increasing income for development goals. (PNA)
Photo credit: House of Representatives Official Website