House Speaker Martin Romualdez expressed confidence Monday, Jan. 16 that President Ferdinand "Bongbong" Marcos Jr. would be able to make a good pitch about the Philippines' proposed sovereign wealth fund, dubbed the Maharlika Investment Fund (MIF), at the World Economic Forum (WEF).
“In his previous participation in various global fora, President Marcos has displayed an excellent ability to articulate the interests of the Philippines as well as the significant gains achieved under his administration and the country’s direction for future growth,” said Romualdez, who is en route to Davos, Switzerland--the site of the WEF--with Marcos.
“I’m confident he would do the same in the WEF, particularly in introducing the Maharlika Wealth Fund to the global stage and in helping our local business leaders explore investment opportunities for the Philippines,” the Speaker said, referring to the MIF by its previous name.
It can be recalled that Romualdez was instrumental in arranging the meeting between Marcos and WEF founder Dr. Klauss Schwab on the sidelines of the Association of Southeast Asean Nations (ASEAN) Summits held in Cambodia last November.
It was during this meeting that Schwab invited the Philippine leader to the Davos meet, which is expected to be attended by important business personalities and heads of state from around the globe.
The Philippine House of Representatives had earlier approved the MIF as contained in House Bill (HB) No.6608.
Romualdez, a principal author and prime mover of the measure, said this planned sovereign wealth fund "will help President Ferdinand Marcos Jr. keep the country on the high-growth path".
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"We want to assure the public that the management of the fund will follow best practices and the principles of transparency and accountability,” added the Leyte 1st district congressman.
Described as a "vehicle for investments", the MIF seeks to create a new revenue stream for the country by tapping investible funds for investments either here and abroad. The profits from these investments will be used to bankroll big ticket projects.
The MIF will be tackled by the Philippine Senate upon the resumption of sessions on Jan. 23.