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Manila Bulletin devider Philippines devider National devider Maharlika fund to finance 80 infrastructure projects—Marcos

Maharlika fund to finance 80 infrastructure projects—Marcos

Published Nov 16, 2023 06:28 am

Now that the Maharlika Investment Fund (MIF) implementing rules and regulations (IRR) have been revised, President Marcos disclosed on Wednesday, Nov. 15 (US time) that the investment fund will finance “about 80 potential infrastructure projects” in the Philippines.

Marcos_PEB2.jpgPresident Ferdinand Marcos Jr. during the Philippine Economic Briefing held in San Francisco, California. (Photo from the Presidential Communications Office)

In his closing keynote at the Philippine Economic Briefing (PEB) in San Francisco, California, Marcos said he was looking forward to the operationalization of the newly created MIF, the country’s first-ever sovereign investment fund.

“Currently, we have identified about 80 potential infrastructure projects that are financeable through the fund,” Marcos said in his speech.

The President made the statement before the PEB in San Francisco, where he would participate in the Asia-Pacific Economic Cooperation (APEC) Summit. He will be traveling to two more cities—Los Angeles and Honolulu—after his official engagements there.

The PEB held in San Francisco was already the 12th international economic briefing and the fourth in the US. There were domestic PEBs that were also held in Manila and in the cities of Cebu, Davao and Laoag.

According to Marcos, the MIF would “serve as an additional source and mode of financing for priority projects of the government,” including the infrastructure flagship projects.

"These projects offer high rates of return and significant social economic impact," the Chief Executive said.

Marcos has appointed Rafael Consing Jr. as the president and chief executive officer of the Maharlika Investment Corp. (MIC).

Consing said the MIF will focus on allocating resources to the development of the country’s tourism infrastructure, agro-urbanism, energy security, and digital infrastructure.

He also said the MIC plans to integrate agriculture and urban development through agro-urbanism, creating a system that promotes local food production, processing, and consumption.

“This will involve establishing agro-industrial clusters, promoting peri-urban agriculture, and investing in sustainable farming practices,” he said.

While noting its solid economic reform agenda, Marcos said the Philippines “is ready to take off as a leading investment hub in Asia,” stressing that “a wealth of opportunity” awaits them.

“We are ready to explore new horizons with your investments in the coming years,” Marcos added.
 

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APEC SUMMIT Maharlika Investment fund philippine economic briefing President Marcos infrastructure projects
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