BUSINESS

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

Rafael Jose Consing’s three-year term as Maharlika Investment Corporation president and CEO will end on 23 November. But in a briefing on Friday, Palace Press Officer Claire Castro said ‘there is no information or details regarding that’ and ‘we haven’t received any complaint from the President regarding Consing’s performance.’

Raffy Ayeng · Nov 7, 2026, 12:18 AM

RAFAEL Consing was appointed president and CEO of Maharlika Investment Corporation by President Ferdinand R. Marcos, Jr. in November 2023, following 11 months as executive director at the Office of the Presidential Adviser on Investment and Economic Affairs. Prior to the OPAEIA, Rafael was SVP and CFO, and head of Compliance at International Container Terminal Services Inc. He was also a board member and executive committee member of Manila Water, Prime Infrastructure Capital, and various other public and private companies within the Razon Group in Asia, Europe, the Middle East, Africa, and the Americas. — Photograph courtesy of Philippine Information Agency

Malacañang Palace Press Officer and Presidential Communications Office Undersecretary Claire Castro on Friday said there is no information yet on whether or not the term of Maharlika Investment Corporation (MIC) president and chief executive officer Rafael Jose Consing Jr. would be extended.

Consing’s three-year term as MIC president and CEO (PCEO) will end on 23 November.

Consing earlier disclosed that he would step down, and the MIC is ready to accept his replacement.

But in a press briefing at the Palace yesterday, Castro said, “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.”

No complaint from the President

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

Under Republic Act 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, 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 making 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 National Grid Corporation of the Philippines, 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 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.