Metro Manila (CNN Philippines, January 18) — President Ferdinand Marcos Jr. highlighted the advantages of the Philippines’ proposed sovereign wealth fund, which he formally pitched to fellow leaders at the World Economic Forum (WEF) in Switzerland on Tuesday (Wednesday in Manila).
During his opening remarks at the WEF Country Strategy Dialogue, Marcos said the Maharlika Investment Fund (MIF) is part of the administration’s efforts to further diversify the country’s financial portfolio.
“Such a fund is one tool among many in our efforts to diversify our financial portfolio, which includes our existing institutions pursuing investment that will generate stable returns, but also welfare effects spanning employment creation, improvement of public service, and a decrease in costs of economic activities,” Marcos said, as quoted by Malacañang.
The chief executive also noted that the creation of the wealth fund — which hurdled the House of Representatives in December — is “underway.”
A sovereign wealth fund is a state-owned investment fund commonly financed by a country’s surplus revenues or reserves.
Netizens and groups have expressed concern over the MIF’s timing and supposed rushed approval, but proponent lawmakers maintained that this will help promote development and boost the government’s programs.
READ: The proposed Maharlika Investment Fund: What you need to know
Meanwhile, Senator Mark Villar, who is part of the Philippine delegation in Davos, bared that the MIF gained interest from other world leaders during the meeting.
“Marami pong interesado sa Pilipinas at siyempre po sa wealth fund dahil ito ay isang pondo na nakikita nila na magagamit natin para lalong bumilis ang development ng ating bansa, and of course as investors, gusto rin nilang makita na active tayo sa infrastructure at sa mga products or funds that can help the government,” Villar said in a separate interview.
[Translation: Many expressed interest for the Philippines and the wealth fund, because this was viewed as a platform to speed up the country’s development, and of course for investors, they want to see that we’re active in infrastructure and products or funds that can help the government.]
