Marcos cites Philippines' Maharlika fund in Singapore investment pitch

President Ferdinand "Bongbong" Marcos Jr. on Wednesday urged business executives in Singapore to explore the Philippines as an investment hub, citing the Maharlika Investment Fund.

Marcos made mention of the Maharlika Investment Fund during his speech at the 10th Asia Summit hosted by the Milken Institute in Singapore. In July, the President signed into law the MIF which will tap state assets for investment ventures to generate additional public funds.

"We have also recently launched our own sovereign wealth fund, the Maharlika Investment Fund. The fund is designed to consolidate investible funds from government financial institutions to further drive economic development through strategic investments both domestically and overseas," Marcos said.

"Given the strong fundamentals of our economy, I invite you to explore the Philippines as a destination for investment. Moreover, the Philippines' strategic location within Asia, coupled with our membership in regional trade agreements, positions us as a gateway to countless possibilities," he added.

Marcos said that in terms of areas for investment, the Philippines offers a myriad of opportunities across various sectors, from digital and renewable energy to manufacturing and tourism.

"We are a nation on the rise ready to collaborate with partners who see the potential that we hold in the Philippines," Marcos added.

Worry over borrowings

During the open forum, Marcos stressed the need to invest as the government had started to "worry about borrowings."

"So we need to invest more and where can we get funding to invest more without increasing our borrowings. And so we look into internally and so what are the reserves that we have that are not, in our view, were not being used," Marcos said.

Marcos said that politicians would not get involved in the MIF, add ing that it could fail if they meddled in its management.

"If the politicians get involved, then the decisions are no longer purely financial in nature... that causes failure I think and that doesn't make an efficient management of a fund," Marcos said.

"These will go into infrastructure, power development. Again those main elements are healthcare, all of the areas that we have identified as priorities," he added.

Economic expansion

As he wooed investors, Marcos said the Philippines had demonstrated remarkable resilience.

"We have sustained consistent GDP growth, bolstered by prudent fiscal management and monetary policy. Despite high inflation and global market instability, our economy grew by 7.6% in 2022, the fastest rate of growth recorded by our country since 1976, coincidently, in the time of my father," Marcos said.

"Economic expansion is expected to continue this year with global institutions such as the World Bank and the IMF projecting the Philippines to grow around 6% in 2023," he added.

He said the Philippines' strategic location within Asia, coupled with our membership in regional trade agreements, "positions us as a gateway to countless possibilities." 

Peaceful ties, conducive climate

In his address, Marcos underscored the Philippines' dedication to achieving peaceful relations, saying that geopolitical stability is among the cornerstones of its foreign policy.

"We also note that geopolitical stability and regional cooperation are cornerstones of our foreign policy. We are dedicated to peaceful relations and cooperation that foster a conducive investment and business climate," Marcos said.

"The Philippines has faced its share of challenges as with any country. But we emerge from them stronger and more resolute. Our nation's resilience and ability to adapt are not just stories, they are lessons that we bring to the table, lessons that we share with partners who are invested in our shared future," he added.

Marcos has since mentioned the volatile geopolitics situation especially in the Asia Pacific region.

In May, Marcos stressed the need for the Association of Southeast Nations (ASEAN) to take decisive and responsive action regarding geo-political issues concerning the regional bloc.

He has since cited  the importance of demonstrating ASEAN’s centrality in the region amidst the present geopolitical rivalries. —NB, GMA Integrated News