Connect with us

Hi, what are you looking for?

Economy

Marcos plans Maharlika fund ‘soft launch’ at Davos meeting

PRESIDENT Ferdinand R. Marcos, Jr. will invite potential investors to provide capital to his proposed sovereign wealth fund at the World Economic Forum meeting next week, according to the Department of Foreign Affairs.

The forum, gathering world leaders at the Swiss resort of Davos, is a “great venue” to introduce the administration’s sovereign wealth fund proposal, Foreign Affairs Undersecretary Carlos D. Sorreta said at a briefing on Thursday, following a meeting with Mr. Marcos earlier in the day.

“The World Economic Forum is a great venue to do a sort of soft launch for our sovereign wealth fund, given the prominence of the forum itself, which global and business leaders (will attend),” he said.

Mr. Sorreta said the President intends to highlight the country’s economic fundamentals and the rationale behind the decision to establish the fund.

“It’s really more of a soft launch to introduce it,” he said.

The House of Representatives has approved the bill creating the wealth fund. The Senate, which has yet to discuss the measure, has included the bill to its list of legislative priorities for 2023.

The sovereign wealth fund, if approved, is expected to finance big government projects such as power grids and dams. Its main funders are currently government banks, after a backlash against an earlier proposal to tap pension funds.

The Maharlika Investment Corp., the government company that will manage the fund, will be chaired by the Secretary of Finance.

“I understand it is evolving, we have the fullest respect for the Congressional process, and the open hearings that they’re having, and how to work out the details but the broad strokes (indicate that) the President has a very, very good grasp of what he wants to achieve, whatever form the sovereign wealth fund finally takes,” Mr. Sorreta said.

“What’s very important is it’s an investment in the future, and there’s great confidence the President has in the ability of Filipino entrepreneurs and local investors,” he added.

Mr. Marcos will be in Davos between Jan. 16 and 20. He will be joined by a delegation of economic managers and business leaders.

At Davos, Mr. Marcos is scheduled to meet with leaders from South Africa, Belgium, and the European Commission, Mr. Sorreta said.

Mr. Marcos will highlight priority areas like food, nutrition, and energy security, Mr. Sorreto added.

The Philippines has lowered its economic growth target for 2023 to 6.0%-7.0% from 6.5%-7.5%. Inflation came in at 8.1% in December, the highest level since November 2008. — Kyle Aristophere T. Atienza

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Economy

THE MONETARY Board signaled its readiness to continue raising benchmark interest rates if inflation persists, putting it at odds with other central banks which...

Economy

THE Philippine business delegation to the Davos conference in Switzerland was led by the heads of some of the country’s biggest blue-chip companies representing...

Economy

THE House Committee on Ways and Means said it expects its proposed luxury tax to raise at least P12.4 billion a year. “I’m looking...

Economy

THE bulk of the Philippine diet enjoys protection from import competition, according to the Philippine Institute for Development Studies (PIDS), a government think tank....

Dislaimer: FutureMoneyFate.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 FutureMoneyFate.com All Rights Reserved. Spirit