Metro Manila (CNN Philippines, October 20) — President Ferdinand Marcos Jr. on Thursday boasted how the Philippines’ first sovereign wealth fund can make the country’s economy more globally competitive.
\”We also stand ready to welcome you to our tropical country so you may personally see what a globally competitive Philippines can offer. At the forefront of these opportunities is the recently launched Maharlika Investment Fund (MIF), the Philippines’ first-ever sovereign investment fund is designed to drive long-term economic development through increased investments in high-impact sectors,\” Marcos said during a roundtable meeting with Saudi Arabia business leaders.
\”We look forward to benefiting not just from Saudi investments, but also from the Kingdom’s extensive experience in managing such funds,\” he added.
Before flying to Saudi Arabia, Marcos said his administration is committed to have the MIF operational by the end of this year.
He clarified reports the controversial fund was put on hold, saying the suspension was only meant to \”[find] ways to make it as close to perfect and ideal as possible.\”
Marcos signed the MIF bill into law last July – seven months after it was pushed at the House of Representatives.
