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Manila Bulletin devider Philippines devider National devider Romualdez upbeat with Maharlika fund's investor prospects in Saudi 

Romualdez upbeat with Maharlika fund's investor prospects in Saudi 

Published Oct 20, 2023 05:09 am

At A Glance

  • House Speaker Martin Romualdez is highly optimistic that the Saudi business community would respond positively to the Philippine government's invitation to invest in the country's first sovereign wealth fund. 

IMG-9b84d7a64fa157ba2424e64ade722fe9-V.jpgPresident Ferdinand "Bongbong" Marcos Jr. (right) chats with Speaker Martin Romualdez during their roundtable meeting with Saudi business leaders held on the sidelines of the 2023 Association of Southeast Asian Nations-Gulf Cooperation Council Summit (Asean-GCC) Thursday afternoon (Saudi time) at St. Regis Hotel Riyadh, Saudi Arabia. (Speaker’s office)

House Speaker Martin Romualdez is highly optimistic that the Saudi business community would respond positively to the Philippine government's invitation to invest in the country’s first sovereign wealth fund.

Romualdez is accompanying President Marcos in Riyadh, Kingdom of Saudi Arabia (KSA), where the Philippine economic team met with Saudi business leaders in a roundtable discussion on the Maharlika Investment Fund (MIF).

“This invitation represents an exciting opportunity for our nation, and I believe it will receive a positive response from the Saudi business community,” said Romualdez, head of the 300-plus strong House of Representatives, in a statement sent to Manila-based reporters Friday, Oct. 20.

“It aligns perfectly with our vision of fostering international partnerships and diversifying our sources of investment for the benefit of our people,” he added.

Romualdez noted that many of the Saudi business leaders expressed keen interest in the MIF.

In his opening statement for the roundtable meeting, Saudi Minister of Investment Khalid Al-Falih told President Marcos that many of the Kingdom’s business leaders are eager to “learn more about the newly launched MIF under your administration".

Among the Saudi firms represented during the meeting were Public Investment Fund (PIF), Hassana Investment Company (HIC), Saudi Arabian Investment Company (SANABIL), and the Saudi Fund for Development (SFD).

Romualdez cited in particular Mulhan Albakree, executive general manager of PIF, for expressing interest in the MIF.

The Kingdom’s PIF is the sixth largest sovereign wealth fund (SWF) in the world, with assets worth US $607.42 billion. It currently owns 71 companies in 10 different sectors and has created more than 500,00 direct and indirect jobs.

Romualdez highlighted the immense potential of the Philippines as a haven for foreign investments, as he noted the country’s strong and dynamic economy, young and skilled workforce, and strategic geographical location.

He said Saudi investors may be interested, among others, in supporting flagship infrastructure projects in Mindanao, especially those that would benefit the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

According to Romualdez, President Marcos' effort to enhance the MIF’s organization manifests the administration’s commitment to transparency, accountability, and responsible fiscal management of the fund.

“While we embrace the potential of this endeavor, we must ensure that the MIF and investments into it adhere to stringent regulations, safeguarding our national interests, and aligning with our commitment to good governance,” said the Leyte 1st district representative.

“The potential benefits of this partnership with Saudi Arabian business interests are substantial and include economic growth, job creation, and infrastructure development. We look forward to working closely with our international partners to turn this vision into reality,” Romualdez said.

Related Tags

Ferdinand Bongbong Marcos Maharlika Investment fund Martin Romualdez Kingdom of Saudi Arabia
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