The Maharlika Investment Fund (MIF) may be raised during the state visit of President Ferdinand "Bongbong" Marcos Jr. to Malaysia.
President Ferdinand 'Bongbong' Marcos Jr. (Photo courtesy of Malacañang)
"It is pretty safe to presume and assume. It's pretty safe to assume that it may be raised and promoted during this visit," Foreign Affairs Spokesperson Ma. Teresita Daza said in a Palace briefing on Friday, July 21.
Daza also said that the President "will actively promote the Philippines as an attractive trade and investment destination" during the state visit.
During his visit, Marcos will bring with him a business delegation "as part of his trade and investment promotion during the state visit."
He will also be accompanied by members of the Economic Team, largely because they will be meeting with Malaysian business leaders and businessmen, hoping to score investment pledges from companies there.
Malaysia is among the top 10 trading partners of the Philippines, and top 22 sources of approved investments in the Philippines in 2022.
The President has signed into law the controversial MIF, which he labeled as a "crucial undertaking" for the country to participate in crucial investments without additional borrowings.
During the signing, he said that the Fund was "a bold step towards our country’s meaningful economic transformation" as it recovers from the adverse effects of the pandemic.
The MIF would reportedly have at least P75 billion in paid-up capital this year, with P50 billion sourced from the Land Bank of the Philippines (LBP) and P25 billion from the Development Bank of the Philippines (DBP).
According to the government, the MIF will be a tool for economic development that will promote fiscal stability through strategic and profitable investments in key sectors.
It is envisioned to be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects that contribute to the attainment of sustainable development.