The president and CEO of Maharlika Investment Corp. (MIC), Rafael Consing Jr., and the president and general manager of the Government Service Insurance System (GSIS), Jose Arnulfo Veloso, submitted their respective courtesy resignations to President Ferdinand Marcos Jr.
In a similar move, Alejandro Tengco, the Philippine Amusement and Gaming Corp. (Pagcor) chairman and chief executive officer, also submitted his courtesy resignation, together with all members of Pagcor’s board of directors last week.
They were responding to a presidential call for all heads of government-owned and -controlled corporations (GOCCs) to hand in their courtesy resignations following poor results of the May 12 national midterm elections.
The gaming regulator said in a separate statement on Thursday, their resignation should give the president a free hand in reorganizing the bureaucracy.
Those who also submitted their resignation letters from Pagcor were president and chief operating officer Wilma Eisma and directors Jose Maria Ortega, Francis Democrito Concordia and Gilbert Cesar Remulla.
Pagcor is a state-owned gaming corporation created during the Martial Law years by virtue of Presidential Decree 1067-A, in response to calls for the Philippine government to put a stop to the growing proliferation of illegal casino operators in the country.
The resignation of Pagcor’s top leadership came even before the Palace called on all officials of GOCCs to submit their courtesy resignations, the gaming regulator said.
The resignations were tendered in line with a presidential directive for all heads of GOCCs to file their courtesy resignations.
In a notice to GOCCs, dated May 26, 2025, the Governance Commission for GOCCs (GCG) directed all non ex-officio chairpersons, chief executive officers and all appointed directors, trustees, and members of GOCC governing boards to immediately submit their respective courtesy resignations to the president through the office of the executive secretary.
The GCG, under the office of the president, was created through Republic Act No. 10149 as the central advisory, monitoring, and oversight body with authority to formulate, implement and coordinate policies.
Consing said he submitted his “unqualified courtesy resignation” after receiving the presidential directive.
The entire board of directors of Maharlika also complied and submitted their respective courtesy resignations when the MIC received the memorandum from the GCG, Consing said.
The MIC is the steward of the country’s first sovereign wealth fund, the Maharlika Investment Fund.
In a separate message to reporters, Veloso said he submitted his courtesy resignation to President Marcos “without hesitation or reservation.”
Veloso noted that when he joined the GSIS he knew he was serving “at the pleasure of the president.”
“I (resigned) out of respect for (the president’s) leadership and to give him full discretion in determining the best path forward for his administration,” he said.
The GSIS is a state-owned insurer that provides social insurance benefits to government employees, making sure they are covered for retirement, disability and other contingencies.
Those who are affected by the presidential directive are required to report for work and perform their usual duties and functions, until the office of President Marcos makes a decision on their respective letters of resignation.
The GCG said the presidential directive gives the president leeway to assess the performance of key officials in all government agencies and corporations, and realign priorities in response to evolving expectations of the people.
