Marcos: Maharlika fund for investments in agri, energy, other key areas

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Metro Manila (CNN Philippines, January 16) — President Ferdinand Marcos Jr. said he will explain to global leaders that his administration aims to establish the Maharlika fund for investments in agriculture, energy, digitalization, and climate change, among others.

This was his short response when asked by reporters on Sunday on how he plans to introduce the Maharlika Investment Fund (MIF) during the World Economic Forum (WEF) in Davos, Switzerland.

“Sasabihin ko exactly what’s happened, that we are forming a sovereign wealth fund for investments in the—for big investments in the basic areas, such as agri, energy, digitalization, climate change,” Marcos said. “The point being is that now there is a social—there is a wealth fund.”

Foreign Affairs Undersecretary Carlos Sorreta earlier described the WEF, which will run from Jan. 16 to 20, as a great venue to “soft launch” the MIF given the prominence of the forum and its participants, which include business leaders.

Palace press briefer Daphne Oseña-Paez also said Marcos wants to discuss the MIF there “to let them know what the country is doing in terms of being ready and attractive for investments.”

Others have deemed the president’s plan as premature, including Senate Minority Leader Koko Pimentel who called it “a move to tie the hands” of the Senate to the controversial measure. 

While the proposal swiftly hurdled the House of Representatives last month amid concerns on capital sources and timing, the Senate has yet to deliberate on its merits.

READ: The proposed Maharlika Investment Fund: What you need to know