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House Speaker Martin Romualdez (2nd from right) tells potential foreign investors at the World Economic Forum (WEF) in Davos, Switzerland that now is the time to invest in the Philippines’ Maharlika Investment Fund. (Speaker’s office)
House Speaker Martin Romualdez made sure to highlight before the business elite President Marcos’ efforts in boosting the Philippine economy during the ongoing World Economic Forum (WEF) annual meeting in Davos, Switzerland.
“We are indeed quite fortunate to have a President determined to revive the country’s economy,” said Romualdez Wednesday morning (Switzerland time), Jan. 17 in a scheduled breakfast Interaction with the Philippine delegation to the 2024 WEF.
In his welcome remarks at the event, Romualdez cited the robust growth of the country’s economy under the visionary leadership of President Marcos, who took over the reins in June 2022.
He also cited the positive prospects of the newly-established Maharlika Investment Fund (MIF)–the Philippines’ first sovereign wealth fund.
“In the past two years I have seen him assemble a team of highly competent technocrats and civil servants, earn the confidence of the business community, and continue to engage relevant stakeholders to achieve economic growth, and the agenda for prosperity,” said Romualdez, leader of the Philippine House of Representatives.
The Speaker said that as a result of such efforts, the country has seen its Gross Domestic Product (GDP) expand by 5.9 percent in the third quarter of 2023, with GDP growth forecasts for the fourth quarter pegged at 6.2 percent.
“There is much promise that beyond the country’s economic recovery, there is also room for tremendous growth. We have been looking at ways of sustaining this momentum, and one of the key factors lies in finding innovative solutions and improving existing ideas to address long-standing issues,” Romualdez said.
He went as far to tell the attending top-level representatives from leading international business and interest groups that the time to invest in the Philippines’ MIF is now.
“I am heartened and thankful for the interest we have received from both local and foreign investors who have recognized this as the most opportune time to invest in the MIF,” said Romualdez.
“We are extremely optimistic in the continued growth of the Philippine economy and the potential of the MIF and look forward to a fruitful partnership with our investors as we build a better, brighter future for our countrymen,” he added.
Created through legislation in 2023, the MIF will be sourced from both the public and private sectors, locally and internationally. Foreign and domestic capital will be co-invested to finance the country’s economic development, mainly through investments in commercially viable projects.
He added that the fund will make strategic and profitable investments in key sectors, to obtain optimal returns and financial gain in these investments. Several potential sectors have been identified, including infrastructure, oil, gas, and power, mineral processing, tourism, transportation, and aviation.
“With the government’s full support, the MIF will be stable, profitable, and economically sound. As the President has said, it will be ‘run professionally and without undue political influence.’ Skilled, experienced managers will handle the operations to preserve and enhance the value of the fund, with auditing mechanisms and financial safeguards in place,” Romualdez explained.
Romualdez led this year’s delegation to the WEF, which will run from Jan. 15 to 19. — Ellson Quismorio
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Credit belongs to: www.mb.com.ph
