Maharlika Investment Corp. (MIC) President and CEO Rafael Jose Consing Jr. has submitted his courtesy resignation, along with the firm’s board of directors, which comes amid the newly formed firm’s planned investment rollout.

“I have submitted my unqualified courtesy resignation,” told Manila Bulletin on Wednesday, May 29, noting that the investment firm’s board of directors has also tendered their resignations.

This came after President Ferdinand Marcos Jr. ordered all executives of all government-owned and controlled corporations (GOCCs) to step down from their posts so the President could “assess the performance of key government agencies, including GOCCs, and realign government priorities.”

According to the Palace, this move is also “in response to the evolving expectations of the Filipino people.” This was also among the reasons cited by the President when he told his Cabinet secretaries to file courtesy exits.

Consing said his team views the President’s decision as an “important and standard measure to uphold accountability and further strengthen public service.”

No delays

Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman told Manila Bulletin on Thursday, May 29, that she “does not foresee any delays in national programs or transactions involving GOCCs” even with the blanket directive.

“The President’s call is a routine governance measure and does not disrupt budget planning or fiscal operations. It’s business as usual,” Pangandaman said.

“Until a resignation is formally accepted, heads of GOCCs must carry out their duties. Their agencies are expected to continue normal and stable operations, and provide the public with uninterrupted service delivery,” Pangandmana further explained.

As of writing, the GCG has yet to update the public on the total number of GOCC executives who have stepped down from their positions.

“The courtesy resignations are being filed electronically and physically. We have not determined the exact number yet as it is a continuing process,” GCG chairperson Marius P. Corpus told Manila Bulletin.

“We only issued the notice to GOCCs the other day. So, we expect more letters are forthcoming. Nonetheless, I will instruct the Division concerned in our Office to come up with the numbers,” Corpus said.

Manila Bulletin asked President Marcos’ chief economic manager Ralph G. Recto last Wednesday, May 28, regarding the potential effect of the GCG order on state-run corporations’ operations and income generation through the dividends they remit to the national government, but he did not reply. Recto, as Department of Finance (DOF) chief, oversees GOCCs.

Moving forward, Consing said all the MIC executives will “continue to diligently perform our respective duties and responsibilities until advised otherwise.” Consing only has only about one-and-a-half years before his three-year appointment ends in November 2026.

Maharlika investments

Consing told Manila Bulletin early this month that MIC, which manages the Philippines’ first sovereign wealth fund, is eyeing at least three new investments before the year ends, aiming to bring total capital commitments to as much as ₱37 billion just two years into its establishment.

From the current ₱28-29 billion in investments, additional commitments worth an estimated total of under ₱10 billion are in the pipeline across three or more upcoming projects.

To date, the one-and-a-half-year-old Maharlika Investment Fund (MIF) has undertaken a ₱19.7-billion investment in the National Grid Corporation of the Philippines (NGCP), where it now holds a 20-percent stake; MIC's strategic partnership with Thailand’s Charoen Pokphand Group Co. Ltd. for investments in agriculture and food production, digital innovation, as well as sustainable energy; and a $76.4-million bridge loan to Makilala Mining Co. Inc. to develop the Maalinao-Caigutan-Biyog copper-gold project in Kalinga province.

Consing had noted that the NGCP stake is the company’s first and largest investment so far, and future deals will involve smaller amounts. He added that the ₱35 to ₱37 billion in planned investments by year-end will also cover a transportation and logistics infrastructure project.

He further said that there have been agreements to begin investment talks with a public listed company, which he had refused to name. He only described it as “partly listed” on the local stock exchange.

He had said MIC expects to start seeing returns from its current and upcoming investments within two to three years.

MIC’s immediate contribution to the Philippine economy, he said, will come from capital deployment, noting that the company is already making investments.

MIC currently has a lean team of 35 staff, Consing said. The investment team has 11 members, including himself, with plans to expand to 15. A similar target is set for the legal and transaction team, which now has nine members. So far, only Consing holds a plantilla position, while the rest are on contracts of service.

Consing had earlier said he is optimistic that the Governance Commission for GOCCs (GCG) will soon approve MIC’s pending plantilla positions.

Because the sovereign wealth fund uses taxpayers' money, all approved and upcoming investments go through a “very stringent” approval process, the MIC chief said. The investment committee, chaired by Finance Secretary Ralph G. Recto and vice-chaired by Consing, reviews and recommends proposals to the MIC board.

MIC’s investment decisions take six to eight months, much longer than the private sector where similar decisions are made in about half that time, Consing had noted.