RAFAEL Consing Jr. sworn in by President Ferdinand R. Marcos Jr as the President and CEO of the Maharlika Investment Corporation (MIC).

According to Malacañang Consing is set to serve as MIC President and CEO for three years.

The two then had a discussion on how to operationalize the MIC and the priority investment areas such as tourism infrastructure; agri-forestry; energy security; digital infrastructure; and financial services.

As the head of the country's sovereign wealth fund, Consing is responsible for managing and investing the initial and future contributions to the MIF.

His appointment was earlier marred with controversy as the initial implementing rules of the Maharlika law had dictated that the fund's head should have a master's degree. 

But various economists and business leaders showed support and vouched for his experience and abilities. 

The IRR of the Maharlika law had been revised before the announcement of his appointment. 

"Consing is an accomplished, results-driven and multi-awarded C-level executive with profound depth of experience in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development," the Palace said.