Tokyo, Japan (CNN Philippines, February 11) – House Speaker Martin Romualdez claimed that a top Japanese business executive supports the creation of the Philippines’ sovereign wealth fund known as Maharlika Investment Fund (MIF).
READ: The proposed Maharlika Investment Fund: What you need to know
“It was during our conversation that he expressed strong interest [MIF] and in the possibility of investment in the proposed sovereign wealth fund, particularly for the power sector,” Romualdez told reporters in Tokyo.
He did not identify the executive.
“He committed to support Maharlika because he himself said the Indonesian Wealth Fund called INA [Indonesian Investment Authority] started with only a billion dollars,” Romualdez continued.
“And in less than 18 months, it’s over 25 billion worth na, lumaki [it grew],\” he added. \”So he says the growth potential in the Philippines is potentially higher.”
According to Romualdez, the Japanese executive was involved in the creation of Indonesia’s own sovereign wealth fund which was launched in 2021.
Romualdez, the main proponent of the bill in Congress, is among the official delegates during President Bongbong Marcos’ five-day official visit in Tokyo.
The bill establishing the MIF hurdled the House of Representatives last December and is now awaiting action from the Senate.
Romualdez said the Senate may pass the bill before Congress’ Easter break.
A four-man panel which included House Ways and Means chairperson and Albay Rep. Joey Salceda re-engineered the Maharlika Investment Fund bill after the president’s directive over Congress’ holiday recess.
This version dropped the capital dividends of the Bangko Sentral ng Pilipinas as a fund source. It also opened up the fund to foreign and private investors.
READ: Maharlika fund can ‘quadruple’ through outside investors — national treasurer
