President Ferdinand “Bongbong” Marcos Jr. is set to talk about the country’s proposed sovereign wealth fund before fellow world leaders at the 2023 World Economic Forum (WEF) in Davos, Switzerland, next week, the Department of Foreign Affairs (DFA) said.

DFA Undersecretary Carlos Sorreta said this ahead of the President’s trip to Switzerland from Jan. 15 to 20, 2023.

In a pre-departure briefing on Thursday, Jan. 12, Sorreta said Marcos was the one who thought talking about the Maharlika Wealth Fund at the WOF would be a great idea.

“At the briefing this morning, the President said, ‘We have been developing all these excellent fundamentals; there’s much that we can offer investors.’ And he said, ‘Let’s talk about the sovereign wealth fund that’s being set up.’ And I agree completely,” he said.

According to Sorreta, the WEF is a “great venue” to talk about the sovereign wealth fund, given the prominence of the forum itself.

“Global and business leaders will be there, and they will hear it directly from the President– what the fundamentals that we have that lead us to decide that we should have a sovereign wealth fund,” he said.

He, however, clarified that Marcos would only be talking about the broad strokes of the sovereign wealth fund.

“It’s really more [of] a soft launch. It’s to introduce it. I understand it is evolving. It’s a very soft launch. People do this all the time in fora like this. It’s more to inform the world,” Sorreta said.

“It will be broad strokes. We have to leave the specifics to the legislation. We’re working with the Department of Finance and the Department of Trade and Industry to come up with very precise, targeted messages for the President,” he added.

Sorreta said the President is pushing for the Maharlika Wealth Fund because “it’s an investment in the future,” and Marcos is confident about the “ability and capabilities of Filipinos, Filipino entrepreneurs, and local investors.”

Palace Press Briefer Daphne Oseña-Paez said President Marcos reminded them that the WEF is a forum where the economy is the central topic.

“The President had reminded all of us that the World Economic Forum is an economic forum, so it’s the time for the Philippines, since we’re at the world stage, to let them know what our country is doing in terms of being ready and attractive for investments,” she said.

According to the Department of Budget and Management (DBM) says the Maharlika Wealth Fund is a sovereign wealth fund that the government will use to invest in a wide range of outlets such as foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects, among others.