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Manila Bulletin devider Business devider Diokno determined to attract Saudi investors for Maharlika despite suspension

Diokno determined to attract Saudi investors for Maharlika despite suspension

Published Oct 19, 2023 12:35 pm

At A Glance

  • Finance Secretary Benjamin E. Diokno affirmed the commitment to attract investments from Saudi Arabia for the Maharlika Investment Fund (MIF) despite the temporary suspension of implementing rules.<br>Diokno, part of President Marcos' official delegation to Riyadh, is scheduled to meet with Saudi business leaders on Oct. 19 (Arabian Standard Time).<br>The MIF is crucial for financing infrastructure projects under the Marcos administration, aiming for sustained and inclusive economic growth.<br>President Marcos already clarified that the implementation of the MIF will proceed as planned this year.<br>The Department of Finance (DOF) is collaborating with the Office of the President to improve the MIF's implementing rules and regulations (IRR).<br>The trip to Riyadh includes discussions on the MIF, addressing concerns about the temporary suspension of the IRR.<br>The President's office has been consulting with economic managers to identify potential improvements to the IRR.

Finance Secretary Benjamin E. Diokno said that despite the temporary suspension of its implementing rules, the Marcos administration will continue to seek investments from Saudi Arabia for the Maharlika Investment Fund (MIF).

Diokno, who is part of President Marcos' official delegation to Riyadh, is slated to meet with Saudi business leaders on Thursday, Oct. 19 (Arabian standard time), according to a statement from the Department of Finance (DOF).

“He [Diokno] is set to promote the Maharlika Investment Fund (MIF) in a Roundtable Meeting with Saudi business leaders on Oct. 19, 2023,” the DOF said.

Diokno said the MIF plays a vital role in financing the infrastructure projects of the Marcos administration, which are essential for achieving the Philippines' long-term and inclusive economic growth.

“We are steadfast in our commitment to seeing the Fund off and running before the end of 2023,” the finance chief added.

In a memorandum dated Oct. 12, Malacañang announced the suspension of the implementing rules and regulations (IRR) for the law establishing the MIF. 

However, before departing for Saudi Arabia on Thursday morning (Manila time), President Marcos clarified that the implementation of the MIF would continue as planned this year. 

Diokno said the DOF is currently working closely with the Office of the President in further improving the MIF’s IRR.

The President said that the introduction of the MIF is an important aspect of the trip to Riyadh and addressed issues concerning his order to temporarily suspend the MIF’s IRR.

The President further clarified that his office has been in close consultation with the country’s economic managers in determining the improvements that can be made to the IRR. 

The President will participate at the inaugural Association of Southeast Asian Nations - Gulf Cooperation Council (ASEAN-GCC) Summit to be held on Oct. 19 to 21, 2023.

Related Tags

Maharlika Investment Corp. (MIC) Finance Secretary Benjamin E. Diokno
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