Rafael Jose “Joel” Consing Jr. takes over as President and CEO at Maharlika Investment Corp. (MIC), marking a pivotal moment for the Philippines’ inaugural sovereign wealth fund (SWF). With a wealth of experience, Consing Jr. aims to steer the fund towards impactful projects in critical sectors such as energy, agriculture, and infrastructure while seeking investments from both domestic and international sources.
In his inauguration press briefing in Taguig City, Consing Jr. outlined four priority areas for the sovereign fund — infrastructure, tourism, “agricultural urbanism”, energy, and information and communications technology (ICT). Notable projects in tourism infrastructure and energy, including airport developments and hydropower rehabilitation, are outlined as key priorities for Consing Jr.
The Philippines, a relative newcomer in the SWF party, established the fund’s primary purpose to strengthen the country’s financial standing by setting aside funds for future needs and creating wealth and prosperity for future generations. Despite years of decent growth and abundant mineral wealth, the country is unable to break out into middle-income-nation status due to bad governance, corruption, and inefficient use of resources.
With a seed capital exceeding PHP100 billion (about $2 billion), including a partial contribution from the central bank, Consing Jr. aims to raise additional funds from foreign investors to amplify the fund’s impact. With a robust background in corporate finance, Consing Jr. is poised to lead the Maharlika sovereign wealth fund to a strategic and impactful contribution to the Philippines’ socio-economic development.
Consing Jr. is emphasized on selecting world-class professionals to build the MIC management team within one to two months, following three core operating principles: rigor, transparency, and a commitment to excellence. His strategic focus is to direct the Maharlika Investment Fund towards the government’s infrastructure flagship projects and create significant impact. As the new phase for the Maharlika sovereign wealth fund begins, the stage is set for a strategic and impactful contribution to the Philippines’ socio-economic development under his leadership.
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