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Manila Bulletin devider Philippines devider National devider Marcos: Gulf states want to take part in MIF

Marcos: Gulf states want to take part in MIF

Published Oct 20, 2023 11:34 pm

At A Glance

  • Marcos is confident that the MIF is getting more attractive to potential foreign investors.
  • Marcos attended the first ASEAN-GCC Summit, where he met leaders of the two regional blocks and discussed investment opportunities in the Philippines.

The Kingdom of Saudi Arabia (KSA) and other Gulf countries have expressed interest in the Maharlika Investment Fund, President Marcos said.

President Ferdinand 'Bongbong' Marcos Jr. (Malacañang photo)
President Ferdinand 'Bongbong' Marcos Jr. (Malacañang photo)

Marcos said this on the sidelines of the Association of Southeast Asian Nations Summit-Gulf Cooperation Council (ASEAN-GCC) Summit in Riyadh on Oct. 20.

In an interview with Manila-based reporters, the President said the KSA and other Gulf countries signified their intention to invest in the MIF.

"Other Gulf countries have expressed an interest. And I am very encouraged and quite happy by the fact that the reaction that we got from our partners in Saudi Arabia and in other countries has been very, very encouraging," he said.

"Gusto talaga nila na magkaroon, na tumulong, at makilahok sating investment dahil naipakita naman natin na magandang invest talaga para sa kanila ito (They want to take part and help in our investment fund because we showed them that this is a wise choice for them)” he added.

According to Marcos, he also discussed Saudi Arabia's Public Investment Fund (PIF) with Saudi officials.

"We have gone into, we have already started, we detailed talks with their PIF, which is the equivalent here in Saudi Arabia. It is their investment fund and how we can do it, how we can work together," he said.

Marcos added that he was happy other Gulf countries were also interested in the MIF.

With this, the Chief Executive is confident that the MIF is getting more attractive to potential foreign investors.

"I'm confident that once we get it operationalized, once we are able to start talking in detail with not only the investment funds but even private corporations and other governments as well, and that is, that is precisely the role that we have envisioned for, for the sovereign fund, the Maharlika Fund. And that is what the direction that it has taken," he said.

President Marcos attended the first ASEAN-GCC Summit, where he met leaders of the two regional blocks and discussed investment opportunities in the Philippines.

Philippine business delegation bagged a $120-million investment agreement between Saudi's Al Rushaid Petroleum Investment Company and Samsung Engineering NEC Co. Ltd., and the Philippines' EEI Corp. for construction export services.

Related Tags

Maharlika Investment Fund Bongbong Marcos PH-Saudi Arabia President Marcos
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