By Fil Sionil
Maharlika Investment Corp’s Rafael Consing confirmed that as president and CEO of the state-owned fund, he is set to receive a ₱2.5-million monthly salary but stressed that the amount was determined by a committee, not him.
Speaking at the Monday Circle Forum at Westin Manila, Consing acknowledged the proposed figure but was quick to clarify that the amount wasn’t his decision.
“That was the recommendation of the committee,” he said, adding that he neither requested nor influenced the salary determination.
The proposed salary has drawn public scrutiny as it exceeds the pay of Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, who oversees monetary stability, economic growth, and inflation control.
Consing, a former HSBC Philippines country head, said MIC’s Nomination and Remuneration Committee, led by Vicky Castillo L. Tan, was responsible for structuring executive pay to attract and retain top talent while ensuring alignment with MIC’s objectives.
Despite the controversy, Consing clarified that the salary package is not yet final. The proposal is pending review by Solomon M. Hermosura, the state’s General Counsel, with the President of the Philippines having the final say.
He added that the ₱2.5-million figure is subject to revision and could be lowered based on the final review.
