Rafael Consing Jr. to step down as Maharlika CEO

MANILA — Rafael Consing Jr. on Thursday confirmed that he will step down as president and CEO of the Maharlika Investment Corporation (MIC) on November 23, as his three-year term comes to an end.

During a press conference, Consing said he would leave it to Malacañang to announce his successor, adding that MIC was “very ready” for the transition.

As MIC’s inaugural president and CEO, Consing was tasked with building the Philippines’ first sovereign wealth fund from the ground up.

“It is an institution now—with a team, a board, a set of policies, a portfolio, a process that is proven, and that will carry on,” he said.

MIC’s net income reached P2.18 billion in the first nine months of the year, up 24 percent from the same period last year. Its comprehensive income rose 32 percent to P2.85 billion, while revenues increased 17 percent to P2.41 billion.

The fund earned P292.7 million from its share in Asian Terminals Inc.’s net income, while interest income from its loan to Petron amounted to P343.4 million.

MIC is also looking to announce two to three more investments before the end of the year, targeting the utilities and infrastructure, industrial, and agriculture sectors.

Consing said these potential investments could add another P2.5 billion to P4 billion to MIC’s total capital deployment for 2026.

MIC has deployed P18.77 billion in capital since January, bringing its cumulative capital deployment to P24.7 billion as of the end of September.

The fund had initially targeted P35 billion in cumulative capital deployment by year-end, but Consing acknowledged that MIC is unlikely to meet that goal.

“I’m just being realistic. I don’t think it’s going to reach P35 billion. I bet SGP would have been a very large part of that, but that’s not happening now,” he said, referring to MIC’s decision to defer its proposed investment in Synergy Grid & Development Phils. Inc., the listed holding company of the National Grid Corporation of the Philippines (NGCP).

Despite the shortfall, Consing said MIC would rather take its time finding investments that deliver long-term value than rush to deploy its capital.

He added that the fund would prioritize investments within the Philippines, particularly during its early years.

“We want to find the right investments that will have the most optimal multiplier impact to the country,” he said.