The STAR reported that “sources within the economic team” [link] said that Rafael Consing, the President and CEO of Maharlika Investment Corp. (MIC), is seeking a basic monthly salary of P2.5 million. That rate would exceed the salaries given to the country’s highest-paid economic managers, including that of Eli Remolona Jr., the governor of the Bangko Sentral ng Pilipinas. The sources quoted implied that the controversy about Mr. Consing’s requested salary is at least partially to blame for the MIC’s slow start, as the back-and-forth on the pay issue has held up the MIC’s investment and development activity.
MB BOTTOM-LINE: It’s both funny and sad to see the MIC stalled out on the runway after how quickly the administration rammed its creation through the lawmaking system. Putting aside my opinions on the MIC and how it was funded, the delay has only given potential opportunities more time to more clearly develop. Instead of getting bogged down by a single big move, perhaps Mr. Consing and the MIC might instead opt for a series of smaller–but still high-profile–wins to help build the reputation and public perception of the fund and its mission. There are evolving opportunities all over the board, from energy (renewables, transmission) to infrastructure (airports, transpo hubs) and logistics (agro-industrial). At this point, doing anything would be a good start.
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