The Philippines’ Maharlika Investment Corporation’s chief executive officer and the entire board of the sovereign wealth fund have submitted “courtesy resignations”, acting on orders from President Ferdinand Marcos Jr after his political party’s poor showing at the recent mid-term elections.
Marcos directed his cabinet officials and several officers of state-owned or controlled firms, including Maharlika, to tender the resignations, saying that the election results showed the public was disappointed with the government’s performance.
According to Rafael Consing Jr, president and CEO of Maharlika, officials of the wealth fund “fully support” Marcos’s directive.
“We view this as an important and standard measure to uphold accountability, enhance transparency, and further strengthen public service for the benefit of the Filipino people,” he says in a statement on June 2.
Consing says he and the board of Maharlika will continue with their duties until advised otherwise.
Marcos’s party had targeted to win nine of the 12 seats that were up for grabs at the May 12 election but only managed to win six.
