THE administration’s economic managers headed by Finance Secretary Benjamin Diokno yesterday encouraged foreign investors in Singapore to support the Philippines’ proposed Maharlika Fund.
During the Philippine Economic Briefing in Singapore, Diokno said the fund would invest in infrastructure projects in the country.
“If you want to invest in the Maharlika fund, that’s another avenue for investment. I mentioned 194 ready to implement projects,” Diokno said.
“The 194 infrastructure projects, I think we want the Maharlika fund to be able to finance some of them, not all of them. We have identified another source of funding for this very important infrastructure projects that will make a difference in the landscape of the Philippine economy,” he added.
The P8-trillion flagship projects lined up under the administration include airports, railways, bridges, and more.
There is no official Palace announcement on whether or not the bill forming the sovereign wealth fund has been signed by President Ferdinand Marcos Jr.
The Senate version mandating the creation of the Maharlika Investment Fund (MIF) was recently adopted by the Congress.
Diokno said the MIF would also open up “sub funds” where investors could pick and choose where to put their money.
Philippine officials also told foreign investors that they could invest in other projects, especially as the government is giving priority to public-private partnership (PPP) deals.
Marcos earlier certified as urgent a bill strengthening PPPs in the country.
National Economic and Development Authority (NEDA) chief Arsenio Balisacan said foreign businesses could invest in the operation and maintenance of airports, subways and even hospitals.
He noted that if infrastructure is built, human capital is improved and institutions are reformed, the Philippines could reach the upper middle income status in a few years.
Budget Secretary Amenah Pangandaman and Bangko Sentral ng Pilipinas deputy governor Francisco Dakila were also present at the Philippine Economic Briefing, the second time it was held in Singapore. The first PEB last year resulted in $6.5 billion worth of investment pledges. (ABS-CBN News)
