MIC president resigns after GCG notice, board follows

Maharlika Investment Corp. (MIC) president Rafael Jose Consing Jr. submitted his courtesy resignation on Thursday, following a notice from the Governance Commission for GOCCs (GCG), in line with President Ferdinand R. Marcos Jr.'s directive to recalibrate his administration post-elections.

Consing stated that he had handed in his unqualified resignation and that MIC fully supports the measure to uphold accountability, enhancing transparency and strengthening public service for the benefit of the Filipino people.

The MIC Board of Directors also complied and submitted their resignations upon receiving the GCG's memorandum on May 26, confirming they will continue performing duties until further notice.

MIC serves as a key vehicle for mobilizing and utilizing the Maharlika Investment Fund to generate optimal returns on investments in foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate, and high-impact infrastructure projects.

The MIC was created through Republic Act No. 11954 or the Maharlika Investment Fund (MIF) Act of 2023 with an authorized capital stock of P500 billion to tap state assets for investment ventures.