Marcos presents Maharlika to Saudi business players
Published on: Saturday, October 21, 2023
By: ABS CBN
President Ferdinand Marcos Jr. and Saudi Minister of Investment Khalid Alfalih.
RIYADH: President Ferdinand Marcos Jr. has presented the country’s sovereign investment fund to investors in Saudi Arabia despite suspending its implementation to review its provisions.
Marcos said he looks forward to “benefiting not just from Saudi investments, but also from the Kingdom’s extensive experience in managing such funds.”
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The President made the statement at a roundtable meeting with Saudi’s business leaders shortly after his arrival to the oil-rich country. The meeting aimed to encourage them to explore investment opportunities in the Philippines.
“At the forefront of these opportunities is the recently launched Maharlika Investment Fund, the Philippines’ first-ever sovereign investment fund designed to drive long-term economic development through increased investments in high-impact sectors,” he said.
Also speaking at the meeting, Finance Secretary Benjamin Diokno echoed the president’s eagerness in looking forward to investments for the said funds.
“Investments in Maharlika are intended to quicken the implementation of the country’s 197 infrastructure flagship projects worth around $153 billion. The infrastructure flagship projects focus on upgrading physical and digital connectivity, transport, agriculture, health, energy, water and climate resilience. These projects offer high rates of return and offer larger socio-economic impact.”
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“Safeguarding your funds and investments is a top priority. The Maharlika Investment Fund is founded on the Santiago principles reflecting appropriate governance and accountability mechanisms and the conduct of sound and prudent investment practices by sovereign wealth funds,” he added.
Saudi Arabia’s Minister of Investment Khalid Al-Falih, for his part, said the country has a highly successful banking sector and several funds are looking to expand investment both locally and internationally.
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“I am pleased that we are joined today by leaders in this sector from Saudi Arabia who are eager to hear more of investment opportunities in one of ASEAN’s most exciting markets and learn more about the newly launched Maharlika Investment Fund under your administration,” he said.
Signed into law in July this year, the Maharlika Investment Fund aims to use state assets for investments and boost public funds.
Marcos says the recent move that suspends the implementation of the Implementing Rules and Regulations of the Republic Act 11954 is in fact just “ways to make it as close to perfect and ideal as possible”.
Prior to his departure for the ASEAN-GCC Summit in Saudi Arabia, he affirmed their commitment to having it operational before the end of the year.
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