No decision yet on Consing’s Maharlika term extension—Palace

An official of Malacañang Palace said that no information yet on whether the term of Maharlika Investment Corporation (MIC) president and Chief Executive Officer Rafael Jose Consing Jr. would be extended or not, even if President Ferdinand Marcos Jr. seemed to get satisfied on Consing Jr.’s performance.

Consing’s three-year term as MIC president and CEO (PCEO) will end on 23 November, and the official earlier disclosed that he would step down, and the MIC is very ready to accept its new top official.

“There is no information or details regarding that. Anyway, it's only 6 November, and if the deadline nears, we will announce something about that,” said Palace press officer, Presidential Communications Office Undersecretary Claire Castro, in a briefing on Friday.

“We haven’t received any complaint from the President regarding the performance of Consing, as we have seen investments in the MIC. No complaint from the President,” Castro added.

Under Republic Act No. 11954, or the Maharlika Investment Fund Act of 2023, and its Revised Implementing Rules and Regulations, the PCEO, or the manager of the country’s sovereign wealth, is appointed by the President for a fixed term of three years.

However, as the MIC falls under the rules of Government-Owned and -Controlled Corporations (GOCCs), a sitting PCEO may be recommended by the Advisory Body for reappointment or extension once their term concludes.

On Thursday, Consing Jr. said the MIC is considering up to three additional investments worth as much as P4 billion before the end of 2026, following its decision to shelve a proposed P19.7-billion investment in the holding company of the country’s power grid operator.

Consing added that the MIC would not proceed for now with its proposed acquisition of an approximately 20-percent equity interest in Synergy Grid and Development Philippines Inc., which indirectly controls the National Grid Corp. of the Philippines (NGCP).

Since its inception, the MIC has released a total of P24.689 billion in capital as of September 2026.

For the first nine months of the current year, the MIC deployed P18.77 billion in capital.