Walang pinaboran! Marcos vouches for strictness of Maharlika fund rules

President Ferdinand Marcos Jr. shot down speculation that the implementing rules and regulations of the Maharlika Investment Fund (MIF) were changed to favor his appointee, Rafael Consing Jr.

The IRR eemoved specific requirements for appointees as president and CEO as well as members of the MIF’s board of directors, such as the standards on postgraduate degrees and years of experience for candidates.

“I don’t know where we relaxed anything — quite the contrary, hinigpitan natin,” Marcos Jr. told reporters during a briefing in California for the APEC meetings.

“What happened between the last – the IRR – the first and last drafts of the IRR, the differences were only the powers of the board,” he added. “Paulit-ulit ko ngang sinasabi, I do not want political forces to interfere with financial decisions of the investment fund.”

Consing, who was appointed as president and CEO of the Maharlika Investment Corporation, does not have a master’s degree in business.

He, however, has an impressive track record as senior vice president and chief financial officer of the International Container Terminal Services Inc. of ports and gaming magnate Enrique Razon. He also served as thr vice president and treasurer of Aboitiz & Co. Inc. and Aboitiz Equity Ventures Inc.

Marcos said he was a “little surprised” about the criticism on the revised IRR of the Maharlika Fund Law, but said the changes were all for the best.

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