Department of Finance (DOF) Secretary Benjamin Diokno presented the Maharlika Investment Fund (MIF), which is the sovereign wealth fund of the Philippines, to business leaders in Saudi Arabia during a recent roundtable meeting with the private sector.
In a statement released on Thursday evening, Secretary Diokno revealed that the DOF is closely collaborating with the Office of the President to enhance the MIF’s guidelines, with a commitment to making the sovereign wealth fund operational by the end of this year.
President Ferdinand R. Marcos Jr., who is leading the Philippine delegation at the Association of Southeast Asian Nations-Gulf Cooperation Council (ASEAN-GCC) Summit in Riyadh, decided to delay the implementation of the MIF to conduct a more thorough study of the implementing rules and regulations (IRR) associated with the law. Despite this delay, Diokno stressed the MIF’s essential role in the country’s economic development.
Diokno stated, “The MIF serves as a cornerstone for financing the infrastructure projects of President Ferdinand R. Marcos, Jr.’s administration, which are vital for achieving sustained and inclusive economic growth. We remain steadfast in our commitment to launch the Fund before the close of 2023.” Additionally, Diokno is slated to chair the Maharlika Investment Corp.
Trade Secretary Alfredo Pascual had earlier noted that the visit to Saudi Arabia aimed to strengthen the Philippines’ investment and trade ties with the country. “We are looking to deepen engagement with the business community of the Kingdom of Saudi Arabia,” Pascual remarked.
Malacanang Palace also announced that Marcos secured deals worth USD 120 million during his visit to the Middle East country. These agreements are set to benefit over 15,000 Filipinos through training and employment opportunities across a wide array of professions in the construction industry. However, President Marcos has yet to disclose further details about the signed agreements between the Philippines and Saudi Arabia. (ai/mnm)
