THE Maharlika Investment Corp newly-appointed president and CEO Rafael Consing declared that the implementing rules of the Maharlika Investment Fund were not relaxed to in order to simply accommodate him.

According to Consing he does not have a hand as to choosing who the Maharlika board members will be. 

On the other hand, Consing said that the IRR of the Maharlika Investment Fund, which was released on Sunday had taken into consideration the qualifications for members of the board of directors, which initially required members to have a Master's degree. 

Experts and lawmakers hailed the appointment of Consing saying it is an "excellent choice" as economists took note of his experience even as they acknowledged his lack of a Master's degree.

Consing said he aims to fill key roles in the MIC in the next few days. 

He said the country's sovereign wealth fund can't guarantee the MIF will quickly turn a profit. 

"It’s challenging to guarantee returns right away," Consing said, adding that it "takes a bit of time" to generate income.