29-05-2025
Maharlika Fund chief Consing submits courtesy resignation
The top honcho of the country's first and only sovereign wealth fund, the Maharlika Investment Corporation (MIC), on Thursday confirmed he has tendered his courtesy resignation, as the Marcos administration's ongoing executive overhaul was also extended to heads of state-run firms.
'We at the Maharlika Investment Corporation (MIC) fully support President Ferdinand R. Marcos Jr.'s directive for courtesy resignations among GOCC (government-owned and -controlled corporations) leaders. We view this as an important and standard measure to uphold accountability and further strengthen public service,' MIC president and CEO Rafael Consing said in a statement.
'In line with this, I have submitted my unqualified courtesy resignation,' Consing said.
This came after the Governance Commission for GOCCs (GCG) directed state-run firms' non ex-officio chairpersons, chief executive officers (CEOs), and all appointive directors/trustees/members of their respective GOCCs' governing boards to immediately submit their courtesy resignations to the President through the Office of the Executive Secretary.
'The entire MIC Board of Directors also promptly complied, submitting their courtesy resignations immediately upon receiving the relevant memorandum from the Governance Commission for GOCCs (GCG),' Consing said.
'We will all continue to diligently perform our respective duties and responsibilities until advised otherwise,' he added.
The state-run firm's Board of Directors include GOCC-representatives Land Bank of the Philippines president Lynette Ortiz and Development Bank of the Philippines president Michael de Jesus as directors; regular director Vicky Castillo Tan; and independent directors Andrew Jerome Gan, German Lichauco II, and Roman Felipe Reyes.
While top executives of GOCCs were ordered to resign, the GCG said that until any action is taken by the Office of the President on their courtesy resignations, 'they shall continue to report for work and perform their usual duties and functions…'
The MIC was created through Republic Act No. 11954 or the Maharlika Investment Fund (MIF) Act of 2023, signed by Marcos in July 2023, with the aim to tap state assets for investment ventures to generate additional public funds.
The MIC manages the MIF—a pool of funds initially sourced from state-run financial institutions that will be invested in foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate, and high-impact infrastructure projects.
Under the law, the MIC has an authorized capital stock of P500 billion, P375 billion of which shall have corresponding common shares available for subscription by the national government, its agencies or instrumentalities, government-owned and controlled corporations or GFIs, and government financial institutions.
Its initial capitalization is sourced from the national government and the country's two largest state-run banks.
The Landbank transferred P50 billion and the DBP P25 billion to the Maharlika Fund.
The national government will contribute P50 billion from the following sources:
Bangko Sentral ng Pilipinas' total declared dividends;
National government's share from the income of PAGCOR Properties, real and personal identified by the DOF-Privatization and Management Office;
Other sources such as royalties and/or special assessments
In January, MIC made its first investment activity by acquiring a 20% stake in Synergy Grid and Development Philippines Inc. (SGP) —giving it two board seats in the company and another two in the National Grid Corporation of the Philippines (NGCP).
The NGCP is 60% owned by SGP, while State Grid Corporation of China has 40%.
MIC had expressed intent in acquiring shares of the State Grid Corporation of China in the Philippines' power grid.
Last week, Marcos directed the courtesy resignations of Cabinet secretaries to "recalibrate" his administration after the 2025 national and local elections.
The President had lamented that results of the May 2025 midterm polls showed that the people are "tired of politics and they are disappointed with the government." —AOL, GMA Integrated News
