The Philippine delegation will promote the Maharlika Investment Fund (MIF) during the World Economic Forum (WEF) Annual Meeting 2024 in Davos, Switzerland on Jan. 15 to 19.
The Philippines would use the global forum as a platform to pitch the country as an investment hub and make known the sovereign wealth fund, which can contribute significantly to economic growth and job creation.
“We are committed to leveraging this international platform to escalate the effort of the administration of President Ferdinand R. Marcos Jr. to promote the Philippines as an attractive and secure investment destination, ultimately benefitting the Filipino people with more jobs and business opportunities,” House of Representatives Speaker Martin Romualdez said in a statement on Monday.
Romualdez said he would highlight crucial legislative reforms and ongoing initiatives under the Marcos administration to improve the business climate and position the Philippines as an attractive destination for foreign investments.
Apart from attending the various sessions of the WEF, Romualdez is expected to have bilateral meetings with world and business leaders.
“We are confident that our engagement with some of the world’s top business leaders and political leaders would generate significant interest and recognition of our Maharlika Investment Fund as a compelling platform for direct foreign investments,” he said.
He said he hopes to learn the best practices of the world’s leading sovereign wealth funds and utilize valuable inputs to ensure the growth and success of the MIF.
The MIF is the country’s first-ever sovereign wealth fund that will optimize national funds by generating returns to support the administration’s economic goals.
It is in line with the Marcos administration’s 8-Point Socioeconomic Agenda for poverty reduction and Philippine Development Plan 2023 to 2028 for deep economic and social transformation.
The Fund is designed to catalyze economic development and accelerate the country’s growth by optimizing the use of government financial assets and promoting intergenerational management.
It will 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. (PNA)
Photo credit: House of Representatives Official Website