President Ferdinand Marcos Jr. on Wednesday asked foreign businessmen “to explore” the Philippines as a destination for investment.
During his speech at the 10th Asian Summit in Singapore, President Marcos said through the Maharlika Investment Fund (MIF), the Philippines would be a gateway of possibilities in the area of investment.
Mr. Marcos signed the MIF Bill into law last July, erecting the sovereign wealth fund.
The President, who celebrated his 66th birthday yesterday and is on an official visit to Singapore for five days until Sept. 17, cited its importance in reviving the country’s economy.
The wealth fund will serve as a long-term source of investment capital to be used to finance the government’s projects, Mr. Marcos noted.
“Given the strong fundamentals of our economy, I invite you to explore the Philippines as a destination for investment. Moreover, the Philippines’ strategic location within Asia, coupled with our membership in regional trade agreements, positions us as a gateway to countless possibilities,” the President said.
“We have also recently launched our own sovereign wealth fund, the Maharlika Investment Fund. The fund is designed to consolidate investible funds from government financial institutions to further drive economic development through strategic investments both domestically and overseas,” he added.
The President emphasized the Philippines’ capabilities to offer a myriad of opportunities across various sectors.
“From digital and renewable energy to manufacturing and tourism, we are a nation on the rise, ready to collaborate with partners who see the potential that we hold in the Philippines,” Mr. Marcos said.
“Our growth story is underpinned by a strong domestic demand and increasing fixed capital investment as a result of upbeat domestic activity and improved business confidence. We are a large market. We are comprised of 110 million consumers whose demand helps fuel our current and future growth,” he said.
The President boasted about the country’s economic growth, even drawing parallels to his late father’s administration.
“Despite high inflation and global market instability, our economy grew by 7.6% in 2022, the fastest rate of growth recorded by our country since 1976, coincidently, in the time of my father (Ferdinand E. Marcos Sr.),” he said.
This developed as the Maharlika Investment Corporation, the company that will manage the MIF, is now accepting applications and nominations for membership in its Board of Directors.
In an advisory, the Presidential Communications Office (PCO) said the following positions are available for applicants: President and Chief Operations Officer (PCEO), Regular Director, and Independent Director.
Requirements and qualifications are listed on the Department of Budget and Management website. Applications will be accepted until September 27.
Meanwhile, Speaker Ferdinand Martin G. Romualdez greeted President Marcos – his cousin — on his 66th birthday, reminding the Philippine leader of “all the good he has done for the country.”
“Happy Birthday, President Ferdinand “Bongbong” R. Marcos Jr.!” Romualdez said. “Your leadership reflects a strong commitment to improving the lives of Filipinos, a dedication we deeply admire. As Speaker of the House of Representatives and a staunch advocate for your vision, I have the privilege of witnessing your unwavering commitment to progress.”
Romualdez has been Mr. Marcos’ constant companion in work-related matters here and abroad since the start of the 19th Congress on June 30, 2022. Some have described Romualdez as the President’s most trusted ally.
As such, Romualdez, Leyte’s first district representative, saw up close the President’s dedication and perseverance in pulling his countrymen from the dregs of the COVID-19 pandemic by pursuing his 8-point socio-economic agenda.
But the Chief Executive also deserves to savor his special day, the Speaker said.
“On this special day, remember the positive impact you have on our country. Your determination to uplift the lives of every Filipino is truly inspiring, and I am honored and privileged to work alongside you in achieving these goals,” noted the leader of the 311-strong House of Representatives.
The Speaker added: “Wishing you a birthday filled with joy, surrounded by your loved ones, and may the years ahead be filled with success and fulfillment in your mission to better our nation.”