April 23, 2025 —The Foundation for Economic Freedom (FEF) held its monthly Fellows Meeting at the Manila Golf Club, where Maharlika Investment Corporation (MIC) President and CEO Rafael Consing Jr. presented the strategic directions of the Maharlika Investment Fund (MIF), the Philippines’ first sovereign wealth fund.
Appointed in November 2023, Consing brings over 30 years of extensive global capital markets experience. Before leading MIC, he served as Executive Director at the Office of the Presidential Adviser on Investment and Economic Affairs and held top positions at International Container Terminal Services, Inc. (ICTSI), HSBC, Bankers Trust, and other multinational firms. A veteran in corporate finance and governance, he has also served on the boards of major infrastructure and utilities companies across Asia, the EMEA, and the Americas.
Established through Republic Act No. 11954, the MIF aims to mobilize investible government funds to generate risk-adjusted returns while supporting national development. MIC seeks to align every investment with national priorities and global best practices, including the Santiago Principles.
“We [MIC] operate under a strict fiduciary duty,” said Consing. “Establishing an impeccable governance architecture has been our top priority from day one, precisely to safeguard against the risks rightly raised by advocates of good governance,” he added.
He highlighted MIC’s first three major investment undertakings:
Consing emphasized that MIC’s investment in the MCB Project demonstrates its commitment to building mining as the Philippines’ fifth economic pillar.
Mining, he said, contributes only 0.9% to GDP despite the Philippines being the fifth most mineralized country in the world. “It is my firm conviction that the Philippine mining sector can be a robust fifth economic pillar. We aspire to nurture this sector, focusing on responsible extraction and domestic processing, aiming for up to 5% of GDP contribution,” he said, citing global demand for transition minerals and military use as accelerating factors.
He further emphasized that MIC’s investment in mining adheres to the highest standards.
“Investing in mining demands unwavering commitment to the highest standards, including a robust Environmental, Social, and Governance (ESG) integration, mandated by our framework and aligned with the UN Sustainable Development Goals,” he said.
In the case of the MCB Project, MIC’s partner MMCI is an affiliate of Australia-based Celsius Resources, which adheres to the rigorous mining standards of its home country, recognized for its globally leading practices in the mining industry.
Consing assured FEF Fellows that MIC is building a disciplined, forward-looking investment ecosystem. “We operate within a robust governance structure… [and] place paramount importance on transparency [and] accountability,” he said.
He reiterated that MIC integrates ESG standards into all decision-making and observes the Santiago Principles, which guide sovereign wealth funds globally. The MIC also has a multi-layered risk management overseen independently at the board level through a dedicated risk management committee and supported by an independent risk management function.
Looking ahead, Consing outlined MIC’s strategic priorities for 2025–2026, which focus on six key thrusts: (1) advancing energy transition and security, (2) modernizing physical and digital infrastructure, (3) enabling sustainable agriculture and agribusiness, (4) enhancing social infrastructure in health and education, (5) developing downstream mineral processing in mining, and (6) championing climate change adaptation and carbon credit initiatives. “Our investment priorities are deliberately aligned with key national goals, aiming to yield significant impact across the archipelago,” he said.
“By making strategic, prudent, and responsible investments today—under rigorous governance and fully transparent standards—MIC can earn public trust and contribute meaningfully to fostering a more diversified, resilient, and ultimately more prosperous future [for] all Filipinos,” Consing concluded.
For more information on the Maharlika Investment Corporation and its investment principles, visit https://mic.gov.ph.
By Cesar Ilao III
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