Delays stall Maharlika’s organizational structure

MANILA, Philippines —  More than a semester later, state-run Maharlika Investment Corp. (MIC) still has no manpower as its organizational structure and staffing pattern remain pending sans approval from concerned agencies.

MIC president and CEO Rafael Consing said the country’s sovereign wealth fund still has no approval for its organizational committee.  Consing did not elaborate.

A source said the delay is coming from the Department of Finance and the Governance Commission for GOCCs (GCG).  This is also the reason why the structure cannot be brought to the Office of the President for final approval.

In November last year, Consing was appointed as MIC head. Consing initially targeted the organizational structure to be completed as early as the first quarter of  the year.

Months later, the corporation still has yet to get approval for its organizational structure. “But I hope to solve everything in four weeks, maximum,” Consing said in a Viber message.

GCG chairman Marius Corpus said the GCG is finalizing the Interim Staffing Pattern (ISP) based on a proposal submitted by the MIC.

“The final Organizational Structure and Staffing Pattern (OSSP) to follow as GCG and MIC have to come up with the appropriate job descriptions. It’s more complex,” Corpus told The STAR.

“The job description for the highly technical positions have to be carefully crafted,” he said.

Under the law, highly technical positions are not covered by the compensation and position classification system, which aims to provide a standardized compensation package and index of occupational services, position titles and salary grades for all GOCCs.

Corpus cannot provide a timeline for the more complex OSSP that is why it opted for the ISP instead.

As of now, the MIC is only composed of the MIC Board which includes Consing, MIC chair and Finance Secretary Ralph Recto, Land Bank of the Philippines president and CEO Lynette Ortiz and Development Bank of the Philippines president and CEO Michael de Jesus.

Also included are MIC directors Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco and Roman Felipe Reyes, as well as the MIC Advisory Board.

The MIC will be needing more manpower to jumpstart its investment portfolio.

However, an approval from the GCG and Office of the President is necessary for the paygrade and benefits, among others.