Putting up the Maharlika Investment Fund (MIF) is the government’s way of tapping the country’s reserve for investment without increasing borrowings, President Ferdinand R. Marcos Jr. told an Asian regional summit in Singapore.
President Marcos also outlined MIF investment opportunities in the Philippines.
“We looked internally and saw what are the reserves that we have that are not being, at least in our view, were not being used. I think we all are familiar with the concept, that money cannot sit in the bank and do nothing. It must work,” President Marcos said on Wednesday during the 10th Asia Summit Fireside Chat.
“So, that’s our way of putting it to work. And that partnering with private sector partners or even G2G partners and without a worrisome increase of our borrowings and with hopefully a sufficient fund,” he added.
He also outlined to policymakers and economic managers during the gathering that infrastructure, energy development, and agriculture are among the investable opportunities in the Philippines with regard to the MIF.
President Marcos invited businesses during the Asia Summit to invest in the Philippines, saying that the country is open for business and ready to partner with them in shaping a brighter future.
“This will go into infrastructure, into power development. Again, those main elements are healthcare, all of the areas that we have identified as priorities,” he said.
“So, to make a list, it’s really — for us it’s agriculture, it’s energy, it’s ease of doing business, it is also the tax structure that we have to transform.”
He also made a renewed assurance that the government will not run the fund but by professional fund managers to maintain independence in financial operations and policy making.
“That is one of the main assurances that I had to give. But that was always the concept behind it. The main assurance that we had to give was that it’s not going to — because when the politicians get involved, then the decisions are no longer purely financial in nature and that causes failure, I think,” he said.
“And it doesn’t make it an efficient management of the fund.”
The Asia Summit 2023 focuses its discussions on issues about peace and stability, inequality, cultural differences, and irreparable environmental damage.
Hosted by the Milken Institute, a non-profit think tank, the Asia Summit holds a decade-long work that focuses on public health, environmentalism, economic policy, and globalization.
Marcos is the first sitting Philippine President to address the summit, where he discussed priority policies and programs before economic managers and business leaders.
Aside from the President, Malaysian Prime Minister Anwar Ibrahim will also be addressing the annual gathering. | PND
Photo Courtesy by 10th Asian Summit – Presidential Communications Office (pco.gov.ph)