Proposed P2.5-M salary delays Maharlika organizational structure

The seemingly high asking salary of state-run Maharlika Investment Corp. (MIC), which could surpass some of the highest paid officials at the Bangko Sentral ng Pilipinas (BSP), caused the delay in the organizational structure of the sovereign wealth fund.

- LOUISE MAUREEN SIMEON

Sources within the economic team told The STAR that MIC president and CEO Rafael Consing, a topnotch investment banker, asked for salaries for himself and some technical positions that were claimed “too high.”

For Consing alone, one source said that he asked for a basic pay of P2.5 million per month, higher than that of members of the Monetary Board and close to what BSP Governor Eli Remolona Jr. is receiving.

Remolona topped the list of highest paid executives in the government last year.

“Everything that he is asking for the technical positions and for himself are high, above BSP,” the source said.

“How do we justify to the public a salary structure that’s even higher than BSP when you have yet to prove anything?” the source said.

Based on the 2023 Commission on Audit report on government salaries and allowances, Remolona received a net pay of P35.48 million last year or about P2.95 million per month.