MANILA - President Ferdinand Marcos Jr on Friday swore in Rafael Consing Jr as President and CEO of the Maharlika Investment Corporation (MIC), Malacañang announced.

He is set to serve as MIC President and CEO for three years, the Palace said.

• Rafael Consing Jr. named Maharlika Investment Corp. president, CEO

The head of the country's sovereign wealth fund talked with Marcos about how to operationalize the MIC and the priority investment areas such as tourism infrastructure; agri-forestry; energy security; digital infrastructure; and financial services, the Palace added.

He will be responsible for managing and investing the initial and future contributions to the MIF.

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Consing's appointment was marred by controversy as the initial implementing rules of the Maharlika law stated that the fund's head should have a master's degree.

Several economists and business leaders however vouched for this experience and abilities.

• Revised Maharlika Fund IRR relaxes board qualifications, gives president power to reject recommended appointees

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.

He is a former Senior Vice President and Chief Financial Officer of Enrique Razon's International Container Terminal Services Inc.; HSBC Managing Director; Bankers Trust Company Vice President; Aboitiz & Co., Inc. Vice President and Treasurer; and Multinational Investment Bancorportation Vice President.