Months after meeting in Tokyo, the Japan Bank for International Cooperation (JBIC) has expressed interest in the newly-passed Maharlika Investment Fund (MIF), the Presidential Communications Office (PCO) said. *COURTESY CALL - President Marcos meets with officials from the Japan Bank for International Cooperation (JBIC) in Malacañang on May 31, 2023. (RTVM Screenshot)*

Communications Secretary Cheloy Garafil said this after JBIC Chairman of the Board Maeda Tadashi paid a courtesy call to President Marcos on Wednesday, May 31. During their meeting, Garafil said Maeda congratulated the Philippine government for the approval of the proposed sovereign wealth fund law by both Houses of Congress. In response, President Marcos said these were the kinds of investments the country needed, which is why the fund was created. "It's so that we, the Philippines, can participate in what would be, what is regarded, of course, as an investment for us. It is a necessary infrastructure that we are investing in," Marcos said. "So, that is the plan for the sovereign fund. We now have to go and look at the design or the structuring of the fund. But it is basically seen as our government participation in projects that, mostly, will really be in the Philippines," he added. The two first met during Marcos' official working visit to Tokyo in February this year. Following his Japan trip in February, President Marcos said [public and private Japanese financial institutions were interested in the proposed Maharlika Wealth Fund](https://mb.com.ph/2023/02/13/marcos-says-japanese-firms-interested-in-maharlika-fund-expects-more-investments-from-tokyo/). "Some of the private corporations, we've mentioned it, we have some commitments, but I don't think it's' appropriate for me to name who they are," he said. "There were already three commitments, the substantial amount they're willing to invest in the fund. So, they can begin there," he added. JBIC is a policy-based financial institution wholly owned by the Japanese government, contributing to the sound development of Japan, the international economy, and society, covering various fields. On Wednesday, President Marcos said the government would not use the state pension fund for the newly-approved sovereign wealth fund.