- President Ferdinand “Bongbong” Marcos Jr. said the proposed Maharlika wealth fund would invest in the essential areas of agriculture, energy, digitalization and climate change.
- Sorreta said it was the President’s idea to tackle the wealth fund, which seeks to maximize the investible funds of state-run financial institutions and ultimately increase public funds for nation-building.
President Ferdinand “Bongbong” Marcos Jr. of Switzerland on Monday said the proposed Maharlika wealth fund would invest in the essential areas of agriculture, energy, digitalization and climate change. The announcement was seen as a renewed effort by the government to attract more investments and create more economic opportunities. Marcos hopes that the wealth fund will be a mechanism to increase the country’s economic stability and alleviate poverty.
Foreign Affairs Undersecretary Carlos Sorreta said, “It’s more of a soft launch to introduce it,” noting that Marcos would bring up the sovereign wealth fund during the World Economic Forum (WEF) scheduled from January 16 to 20 in Davos, Switzerland. Sorreta said it was the President’s idea to tackle the wealth fund, which seeks to maximize the investible funds of state-run financial institutions and ultimately increase public funds for nation-building.
The House of Representatives already approved on final reading House Bill 6608, which created the Maharlika Investment Fund (MIF) and was certified as urgent by the President. The measure creating the MIF states that it would be funded by the investible resources of the Landbank of the Philippines (P50 billion), the Development Bank of the Philippines (P25 billion), and the dividends/profits of the Bangko Sentral ng Pilipinas.