President Marcos' economic team, who met with Singapore's sovereign wealth and state investment fund giants to rally support for the Maharlika Investment Fund (MIF), said they received "good interest" from Singaporean investors.

National Treasurer Rosalia V. De Leon said the government’s economic managers held a productive dialogue with GIC Private Ltd., and Temasek Holdings to present the benefits of investing in the country’s first sovereign wealth fund.

“Meetings with Temasek and GIC were insightful and productive,” De Leon said in a mobile phone message to Manila Bulletin. “We will continue to update them on Maharlika’s progress, like the IRR [implementing rules and regulations].”

GIC and Temasek are Singapore’s sovereign wealth fund and state investment fund, respectively.

According to de Leon, the Philippine delegation received a “good interest” from Singapore investors, indicating a potential investment in MIF.

The economic managers, led by Finance Secretary Benjamin E. Diokno, held last Thursday the Philippine Economic Briefing in Singapore in an effort to attract more foreign investments to the country.

During the briefing, Diokno urged Singapore investors to explore opportunities in the MIF, emphasizing the sovereign wealth fund’s crucial role in the country's economic growth over the next few years.

Diokno also explained how the MIF would serve as an additional source of funding for the Marcos administration's 194 infrastructure flagship projects (IFPs) that require a total investment of $165 billion.

“The 194 infrastructure projects, I think we want the Maharlika Fund to finance some of them, not all of them,” Diokno said.

“We have identified another source [MIF] of funding for these very important infrastructure projects that will make a difference in the landscape of the Philippine economy,” he added.

With the Philippines set to become an upper middle-income economy in the next two years, Diokno said the country would no longer be eligible for the same level of official development assistance previously provided to fund the infrastructure projects.

He also proposed the creation of sub-funds such as infrastructure and green funds under the MIF, demonstrating the government's commitment to sustainable development.

“The Maharlika Investment Fund is designed to advance the Philippines’ long-term development goals through the effective intergenerational management of our government financial assets,” Diokno said.

“This will be an important addition to our existing funding mechanisms, with the aim of promoting socio-economic development through investments in strategic, high-return, high-impact sectors, including infrastructure,” he added

Last May 31, Congress approved the MIF bill, marking a significant milestone in the creation of the Philippines' first-ever sovereign fund.

Diokno expressed his optimism for the bill's enactment in the coming weeks to begin implementation of the MIF's investment strategies.

The government also aims to explore co-financing opportunities with foreign investors, multilateral institutions, and other international sovereign wealth funds to maximize the MIF's potential and attract more investments to the Philippines.

“There is a wealth of new investment opportunities for the Philippines and Singapore to explore, and we look forward to writing the next chapters of our growth story with you,” the finance chief said.