MIF on global stage: Romualdez meets with top fund managers, leaders at Davos forum

House Speaker Martin Romualdez (Speaker’s office)

House Speaker Martin Romualdez rubbed elbows with elite sovereign wealth fund managers and top government leaders as he spearheaded the Philippine delegation's participation at the 2024 annual meeting of the World Economic Fund (WEF) in Davos, Switzerland.

“These high-level engagements with international business leaders and policymakers in this year’s WEF annual meeting are invaluable as they provide us with opportunities to explore avenues for partnerships, collaborations, and investment opportunities to unleash the potential of the Maharlika Investment Fund (MIF) for the benefit of the nation and our people,” Romualdez said in a statement on Wednesday, Jan. 17.

One of the primary aims of the meeting is to attract prospective foreign investors to the MIF, which the Speaker hopes would translate to economic growth and create more jobs for Filipinos.

Among the prominent figures Romualdez met at the WEF annual meet was Israfil Mammadov, the chief executive officer at the State Oil Fund of the Republic of Azerbaijan (SOFAZ). 

According to its website, SOFAZ has assets amounting to US$55,524 million as of Oct. 1, 2023. Its current investment portfolio includes investments in fixed-income and money market instruments, equities, real estate, and gold.

The Speaker also had a cordial meeting with Lim Boon Heng, chairman of Singapore state investment firm, Temasek Holdings Limited. 

Temasek currently has major investments in financial services, consumer and real estate, life sciences and agri-food, transportation and industrials, and telecommunications, media, and technology. It has a net portfolio of US$382 billion as of March 31, 2023.

“The exchange of ideas, best practices and insights on the management, investment policies and insights on sovereign wealth fund could prove invaluable in helping realize the vision of President Ferdinand R. Marcos, Jr. for the MIF as a catalyst for our nation’s growth and development,” the House Speaker said. 

Marcos introduced the MIF to the global stage during the fund’s soft launch at the 2023 WEF annual meeting. 

Romualdez, leader of the 300-plus strong House of Representatives, had a fruitful discussion with his Swiss counterpart, Eric Nussbaumer, President of the National Council of Switzerland.

They further strengthened the ties between the two countries and discussed possible areas of enhanced partnership. 

One such area for further cooperation is in the energy sector, owing to Nussbaumer’s extensive experience in this field. 

The Speaker has noted that under President Marcos, the Philippines is “firmly committed to pursuing an ambitious energy transition by harnessing the country’s renewable endowments, such as geothermal, hydroelectric, solar, and wind power, and exploring the potential of nuclear energy”.

Romualdez also had a meeting with Vietnam Prime Minister Pham Minh Chinh, whom he had earlier met for a bilateral meeting last year.

“These kinds of engagements show that the WEF is an excellent platform to engage with policymakers to promote cooperation but also to discuss global issues and contribute to policy debates to shape policies that address shared challenges and promote global cooperation,” he explained.