President Bongbong Marcos apparently had his eyes set on getting financial whiz Rafael “Joel” Consing Jr. for the top job in the Maharlika Investment Corp.
A Babbler said the President amended the Implementing Rules and Regulations (IRR) to ensure Consing’s eligibility for the post as Maharlika Fund President and CEO (PCEO).
The updated IRR, unveiled on November 12, relaxed the prerequisites for the PCEO position. Nominees are no longer obligated to hold an advanced degree in finance, economics, business administration, or a related field from a reputable university, along with additional professional certifications.
Prospective candidates do not have to possess a master’s degree, a decade of experience in finance, investments, or economics, or a robust track record and high ethical standards.
Despite lacking a master’s degree, Consing, the former CFO of International Container Terminal Services Inc. (ICTSI) and a former managing director of HSBC Hong Kong and Singapore, submitted his application alongside other PCEO aspirants before the September 27 deadline.
This move follows Consing’s successful application for the post of Executive Director under Presidential Adviser for Investment and Economic Affairs Frederick Go in January. Insiders suggest that President Marcos has been impressed by the performance of the investment advisory team, particularly the contributions of Go and Consing.
While the regulatory changes may appear to favor Consing, sources indicate that the revisions were made to align with existing laws.
The original IRR’s inclusion of higher or specialized degree requirements inadvertently added conditions not explicitly outlined in Republic Act No. 11954 or The Maharlika Investment Fund Act of 2023.